30-Year Mortgage Rates Climb to Four-Year High

Rates on 30-year, fixed-rate mortgages rose to a nationwide average of 6.71% this week, up from 6.63% last week and the highest since the week of May 31, 2002, when they averaged 6.76%.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, increased to 6.36%, up from 6.25% last week. Rates on one-year adjustable-rate mortgages rose to 5.75%, up from 5.66%. Rates on five-year adjustable-rate mortgages climbed to 6.32%, up from 6.23%.

The rates do not include add-on fees known as points. The 30-year and 15-year mortgages each carried a nationwide average fee of 0.5 point. The five-year ARM had an average fee of 0.6 point, and the one-year ARM had an average fee of 0.8 point.