30-Year Fixed Mortgage Rate Rises to 6.83%

The average interest rate on 30-year fixed-rate mortgages rose to 6.83% this week from 6.73% a week earlier, Freddie Mac said. Three weeks ago, the average dipped to 6.49%, a 31-year low, but then jumped to 6.90% a week later as investors shifted funds from long-term to short-term securities. Still, the average has remained below 7% for 20 consecutive weeks. In late April, it reached 7.22%, its peak for the year. Fifteen-year mortgages averaged 6.48%, up from 6.34%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.42%, up from 5.37% and the highest in five weeks. The rates do not include add-on fees known as points, which averaged 0.9% of the loan amount for all three types of mortgages.