30-Year Mortgage Rate Increases to 6.78%

Rates on 30-year fixed-rate mortgages increased to a nationwide average of 6.78% this week, up from 6.71% last week and the highest level since the week ended May 24, 2002, mortgage company Freddie Mac said.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, increased to 6.43%, up from 6.36% last week. Rates on one-year adjustable-rate mortgages rose to 5.82%, up from 5.75% last week. Rates on five-year adjustable-rate mortgages climbed to 6.39%, up from 6.32% last week.

The mortgage rates do not include add-on fees known as points. The one-year adjustable mortgage carried a nationwide average fee of 0.8 point. The three other mortgage categories carried fees averaging 0.5 point.