Rates Inch Up on 30-, 15-Year Mortgages

The average interest rate on 30-year fixed-rate mortgages climbed to 7.75% this week from 7.69% last week, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, averaged 7.36% this week, up from an average of 7.31% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.45% this week, up from 6.35% the previous week. The rates do not include add-on fees known as points, which averaged at or just over 1% of the loan amount for all three types of mortgages.