Interest Rates on Mortgages Increase
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The average interest rate on 30-year fixed-rate mortgages rose to 6.87%, up from 6.80% the previous week, according to a nationwide survey.
Fifteen-year mortgages, a popular option for refinancing, rose to 6.37%, up from 6.28% the week before. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.07%, up from 4.94% the previous week.
These rates do not include add-on fees known as points, which averaged around 0.7% of the loan amount for all three types of mortgages last week.
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