30-Year Mortgage Rates Rise to 7.85%

Times Staff and Wire Reports

Thirty-year fixed-rate mortgages averaged 7.85% this week, up from 7.67% last week, the Federal Home Loan Mortgage Corp. said. The national average is the highest since Oct. 24, when they averaged 7.86%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.54%, down from 5.56% last week. Fifteen-year mortgages averaged 7.35% this week, up from 7.18% last week. The rates do not include fees known as points.

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