30-Year Mortgage Rates Climb to 6.79%
Rates on 30-year fixed-rate mortgages increased to a nationwide average of 6.79% this week, up from 6.78% last week and the highest level since the week of May 24, 2002, mortgage company Freddie Mac said.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, increased to 6.44%, up from 6.43% last week. Rates on one-year adjustable-rate mortgages rose to 5.83%, up from 5.82% last week. Rates on five-year adjustable-rate mortgages were unchanged at 6.39%.
The mortgage rates do not include add-on fees known as points. The 30-year and 15-year mortgages carried a nationwide average fee of 0.5 of a point. The five-year ARM had a nationwide average fee of 0.6 of a point and the one-year ARM carried a fee of 0.8 of a point.