The latest mortgage rates are now 6.86%

The refinance rate for 30-year, fixed-rate loans was 6.82%, flat from the prior day and rising 6 basis points from the last week. As for 5/1 adjustable-rate mortgages, which carry a fixed rate for five years that can then rise or fall each year after, the average was 5.49%, steady from the previous day and an increase of 8 basis points from the same day last week. Mortgages backed by the Department of Veterans Affairs hit a rate of 6.06%, flat from the previous day and an increase of 8 basis points from the last week.

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