Mortgage Rates Rise but Remain Below 7%

Freddie Mac, the mortgage company, reported that the average interest rate on 30-year fixed-rate mortgages climbed to 6.89% this week from 6.79% the previous week. Fifteen-year mortgages, a popular option for refinancing, rose to 6.37% from 6.27% the week before. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.81%, up slightly from 4.80% the previous week