Mortgage Rates Near Two-Year High

The average interest rate on 30-year, fixed-rate mortgages climbed to 7.51% this week, the highest level in nearly two years. Rates have been rising for the last two months and now stand nearly a percentage point above their low for the year of 6.74% at the end of January. This week’s average was up from 7.41% last week and is the highest since September 1997, mortgage company Freddie Mac said. Fifteen-year mortgages, a popular option for refinancing, averaged 7.13% this week, up from last week’s 7.04%. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.92%, up from 5.85% the week before. The rates do not include add-on fees known as points.