Mortgage Rates Increase This Week

The average rate on 30-year mortgages rose to 5.87%, up from 5.85% last week, Freddie Mac said. That was the highest level since Dec. 12, when the rate was 5.88%.

For 15-year mortgages, a popular option for refinancing, rates increased to 5.17%, up from 5.15% last week.

Rates for one-year adjustable mortgages also were up this week, averaging 3.76% compared with 3.72% last week.

The nationwide averages for mortgage rates do not include add-on fees known as points. Each loan type carried an average fee of 0.7 of a point this week.