30-Year Fixed-Rate Mortgages Hit 6.8%

Rates on 30-year fixed-rate mortgages increased to a nationwide average of 6.8%, up from 6.74% last week and the highest since the week of May 24, 2002, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, increased to 6.41% from 6.37% last week. Rates on one-year adjustable-rate mortgages rose to 5.8% from 5.75% last week. Rates on five-year adjustable-rate mortgages rose to 6.36% from 6.33% last week.

The rates do not include add-on fees known as points. The 30-year and five-year mortgages carried a nationwide average fee of 0.5 point. The 15-year mortgage had a nationwide average fee of 0.4 point and the one-year mortgage carried a fee of 0.6 point.