Mortgage Rates Continue Upswing

Rates on 30-year mortgages climbed this week to the highest level since July 2002.

The average rate rose to 6.44% for the week ending today from 6.32% last week, mortgage giant Freddie Mac reported. The recent upward swing marks a turnaround from the middle of June, when rates on 30-year mortgages slid to 5.21%, the lowest level in more than four decades.

Rates for 15-year fixed mortgages, a popular option for refinancing, rose to 5.77% this week from 5.66%.

One-year adjustable mortgage rates increased to 3.98% from 3.88%.