30-Year Mortgage Rate at Highest Since July ’02
From the Associated Press
Rates on 30-year, fixed-rate mortgages averaged 6.49% this week, up from 6.43% last week and the highest since mid-July 2002, mortgage company Freddie Mac said.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 6.14%, up from 6.1% last week. One-year adjustable-rate mortgages rose to 5.61% from 5.57% last week. Five-year hybrid adjustable-rate mortgages rose to 6.13% from 6.11%.
The rates do not include add-on fees known as points. The 30-year mortgage carried an average fee of 0.6 point and the 15-year mortgage had an average fee of 0.5 point. The one-year adjustable-rate had a fee of 0.8 point and five-year carried a fee of 0.7 point.
