Rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.78% this week, up from 6.71% last week. Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, increased to 6.43%, up from 6.36% last week.

Additionally, rates on one-year adjustable rate mortgages rose to 5.82%, up from 5.75 percent last week and the highest level in more than five years. Rates on five-year adjustable-rate mortgages climbed to 6.39%, up from 6.32% last week.

The mortgage rates do not include add-on fees known as points. A year ago, 30-year mortgages averaged 5.62%, 15-year mortgages stood at 5.20%, one-year ARMs were at 4.33% and five-year ARMs averaged 5.19%.

By M. Sese
http://realestatepress.org