THE ECONOMY

The average interest rate on 30-year, fixed-rate mortgages rose for a sixth consecutive week, to 7.11%, the highest level in 10 months, the Federal Home Loan Mortgage Corp. said. The average this week, up from 7.06% last week, was the highest since mid-May and marked a significantly higher level than the 6.74% average at the end of January. Fifteen-year mortgages, a popular option for refinancing, averaged 6.75% this week, also the highest since mid-May and up from 6.70% last week. On one-year, adjustable-rate mortgages, lenders were asking an average initial rate of 5.88%, up from 5.74% the previous week and the highest in nearly two years. The rates do not include add-on fees known as points.