30-Year Fixed-Rate Mortgages Up Slightly
The average interest rates on 30-year fixed-rate mortgages rose slightly this week, Freddie Mac reported.</br></br>Thirty-year mortgages were up to an average 6.94 percent from 6.91 percent last week, while one-year adjustable-rate mortgages rose to an average 5.64 percent from 5.60 percent, Freddie Mac said.</br></br>Fifteen-year fixed-rate mortgages were unchanged from last week at an average 6.60 percent, Freddie Mac said. Fifteen-year mortgage rates have not been lower since an average of 6.59 percent in the week of Feb. 20.</br></br>A year ago the 30-year rate averaged 7.47 percent, the 15-year 7.01 percent and the ARM 5.55 percent.</br></br>"Mortgage interest rates are comparable to the low levels we experienced in 1993," Robert Van Order, chief economist for Freddie Mac, said in a statement.