30-Year, 15-Year Fixed-Rate Mortgages Rise

The average interest rate on 30-year fixed-rate mortgages rose slightly to 7.84% for the latest week, up from 7.83% in the previous week, Freddie Mac said. In mid-May, rates on 30-year mortgages hit a five-year high of 8.64%. Fifteen-year mortgages, a popular option for refinancing, ticked up to an average 7.52% this week from 7.50% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7.23%, up from 7.21% the week before. For the same period last year, one-year ARMS averaged 6.31%. The rates do not include add-on fees known as points, which averaged 1% of the loan amount for all three types of mortgages.