Average 30-Year Mortgage Rate Rises to 7.74%

Thirty-year fixed-rate mortgages averaged 7.74% this week, up from 7.57% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. That puts mortgage rates at their highest levels since late October. The low point for the year is the 6.94% reported in early February; the high point is the 8.42% of early July. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.53%, up from 5.52% last week. Fifteen-year mortgages averaged 7.21%, up from 7.06% last week. The rates do not include points.