Mortgage Rates Creep Back Above 7%

Interest rates on 30-year fixed-rate mortgages rose to 7.02%, up from 6.93% the week before, rising above the 7% mark for the second time this year, Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, averaged 6.61% this week, up from 6.55%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.68%, up from 5.63% the week before. The rates do not include add-on fees known as points, which averaged at or just over 1% of the loan amount for all three types of mortgages.