30-Year Mortgage Rates Edge Higher

The average interest rate on 30-year, fixed-rate mortgages averaged 6.83% this week, up from 6.79% last week, mortgage company Freddie Mac said. It was the 31st consecutive week that the average remained below 7%. It reached a 31-year low of 6.49% in early October. Its peak for 1998 was 7.22% in late April. Economists expect it to remain low this year. Fifteen-year mortgages, a popular option for refinancing, averaged 6.48% this week, up from 6.43%. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.61%, unchanged from the previous week. The rates do not include add-on fees known as points.