Long-Term Mortgage Rates Edge Up

Rates on long-term mortgages edged up this week as the economy showed signs it is still working through a rough patch, economists said.

The average interest rate on a fixed-rate 30-year mortgage rose to 5.85% for the week ending today, mortgage company Freddie Mac reported in its weekly nationwide survey. This week’s rate was up from the rate of 5.79% a week ago.

For 15-year fixed-rate mortgages, a popular option for refinancing, rates crept up to 5.17% this week, compared with 5.06% last week. For one-year adjustable mortgages, rates were 3.80%, compared with 3.82% the previous week.