Rates on 30-, 15-Year Mortgages Rise
The average interest rate on 30-year fixed-rate mortgages rose to 6.57% this week, up from 6.55% the previous week, mortgage company Freddie Mac reported. A year ago, 30-year mortgages averaged 7.19%.
In early November, rates on 30-year mortgages dropped to 6.45%, their lowest point since Freddie Mac began conducting its survey in 1971.
The average interest rate on 15-year mortgages, a popular option for refinancing, increased to 6.03% this week. That was up from 5.99% the week before. A year ago, 15-year mortgages averaged 6.74%.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.58%, down from 4.61% the previous week, and the lowest rate since March 11, 1994. Last year this time, one-year ARMs averaged 5.71%.
These rates do not include add-on fees known as points. Each loan type this week carried an average 0.5 point.
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