30-Year Mortgage Rates Rise to 6.62%

Rates on 30-year, fixed-rate mortgages averaged 6.62%, up from 6.60% last week and the highest since the week that ended June 20, 2002, mortgage company Freddie Mac said.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, rose to 6.23%, up from 6.20% last week. Rates for one-year adjustable-rate mortgages averaged 5.61%, down slightly from 5.62% last week. Rates on five-year adjustable-rate mortgages also edged down slightly, dropping to 6.21%, from 6.23% last week.

The mortgage rates do not include add-on fees known as points. The 30-year and 15-year mortgages carried an average fee of 0.4 point. The one-year ARM had an average fee of 0.7 point, and the five-year ARM carried an average fee of 0.6 point.