Rates rise on 30-year fixed mortgages

Mortgage giant Freddie Mac reported that 30-year fixed-rate mortgages averaged 6.74% this week, up from 6.53% last week and the biggest increase in more than three years.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, rose to 6.43%, up from 6.22% last week. Five-year adjustable-rate mortgages averaged 6.37%, up from 6.24%. One-year adjustable mortgages rose to 5.75%, up from 5.65% last week.

These rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried an average fee of 0.4 of a point. Five-year adjustable mortgages carried a fee of 0.5 of a point, and one-year mortgages had a fee of 0.7 of a point.