Rates on Mortgages Continue to Increase

Mortgage giant Freddie Mac reported that the nationwide average for 30-year fixed-rate mortgages rose this week to 5.91%, up from 5.8% last week.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.48%, up from 5.37% last week.

One-year adjustable-rate mortgages rose to 4.68%, the highest level in more than three years, up from 4.48% last week.

Rates on five-year hybrid ARMs averaged 5.44%, up from 5.31%.

The nationwide averages for mortgage rates do not include add-on fees known as points. The one-year ARM carried a fee of 0.6 point, while all other mortgage categories in the survey had an average nationwide fee of 0.5 point.