Mortgage Rates Creep Back Above 8%

Mortgage rates crept above 8% for the second time this year, with the average interest rate on a 30-year fixed-rate mortgage reaching 8.06% this week, up from 7.96% last week, mortgage company Freddie Mac reported. A year ago, the average rate on a 30-year mortgage was 6.83%. The 8.06% rate is the highest since the week ended Aug. 13, when the average for a 30-year mortgage hit 8.15%. The average rate for a 15-year mortgage also rose this week, to 7.66% from 7.57% last week. On one-year adjustable-rate mortgages, however, lenders were asking an average initial rate of 6.56% this week, down from 6.64% the week before. The rates do not include the fees known as points.