30-Year Mortgages Rise to 6.93% Average

The average interest rate on 30-year fixed-rate mortgages rose slightly for the second consecutive week. The average was 6.93%, up from 6.88% the previous week, Freddie Mac, the mortgage company said. Before that, rates hit a two-month low of 6.87% in the week ending April 16. So far this year, rates have fluctuated between 6.74% at the end of January and 7.11% in mid-March. Fifteen-year mortgages, a popular option for refinancing, averaged 6.55% this week, up from 6.51%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.63%, up from the previous week’s four-month low of 5.56%. The rates do not include add-on fees known as points, which averaged at or just more than 1% of the loan amount for all three types of mortgages.