Mortgage Rates Rise From Six-Week Low

The average interest rate on 30-year fixed-rate mortgages rose slightly to 6.75% this week, up from a six-week low of 6.74% last week, Freddie Mac said. The average has remained below 7% for more than seven months. It reached a 31-year low of 6.49% in early October. Its peak last year was 7.22% in late April. Fifteen-year mortgages, a popular option for refinancing, averaged 6.38% this week, up from 6.37%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.63%, a five-week high and up from 5.57% the previous week. The rates do not include the add-on fees known as points.