Long-term fixed rates increase
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Average rates on 30-year fixed-rate mortgages surged to 6.63% this week, up sharply from 6.26% last week and the highest level since last August.
Rates on 15-year fixed-rate mortgages, a popular option for refinancing, rose to 6.18% from 5.78%. Five-year adjustable-rate mortgages rose to 6.16% from 5.80%, while rates on one-year ARMs jumped to 5.49% from 5.10%.
These rates do not include add-on fees known as points. The fee for 30-year and 15-year fixed mortgages averaged 0.6 of a point nationwide this week. The fee for five-year ARMs averaged 0.7 of a point, while the fee on one-year ARMs averaged 0.5 of a point.
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