Mortgages Rates Rise to Highest Level in Year

Rates on 30-year mortgages climbed this week to the highest level seen in a year, something that is chilling -- but not freezing -- refinancing activity.

The average rate on 30-year fixed-rate mortgages was 6.34%, up sharply from last week’s rate of 6.14%, Freddie Mac reported.

For 15-year fixed-rate mortgages, a popular option for refinancing, rates jumped to 5.66% this week, up from 5.44% last week. This week’s rate was the highest since the week ended Oct. 25, 2002.

Rates for one-year adjustable mortgages rose this week to 3.80%, up from 3.68% last week.

These rates do not include add-on fees known as points. Each loan type carried an average fee of 0.7 point.