30-Year Mortgage Rates Rise to 7.62%
(Associated Press)
Average interest rates on 30-year fixed-rate mortgages rose this week for the first time in five weeks. The average increased to 7.62% from 7.58% a week earlier, the Federal Home Loan Mortgage Corp. said. The average’s peak so far this year was 8.18% during the week ended April 3, after the Federal Reserve Board tightened monetary policy. It has declined during nine of the 13 weeks since. Fifteen-year mortgages averaged 7.15% this week, up from 7.13% a week earlier. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.67% this week, up from 5.66% last week. The rates do not include add-on fees known as points.
