BANKING

Fixed-Rate Mortgages Up: Thirty-year, fixed-rate mortgages averaged 7.08% this week, up from 7.02% last week, according to a national survey by the Federal Home Loan Mortgage Corp. It was the highest since Dec. 28, when rates averaged 7.11%. Last week’s average was the lowest since Feb. 3, 1994, when it was 6.97%. Rates had risen to 9.25% on Dec. 15, 1994, before they started falling. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.45%, down from 5.46% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 6.59% this week, up from 6.56% a week earlier. The rates do not include add-on fees known as points.