Mortgage Rates Highest in 5 Months
Associated Press
Rates on 30-year mortgages rose to slightly above 7% this week, the highest level in five months.
The average interest rate on 30-year fixed-rate mortgages advanced to 7.09%, up from 6.84% last week, according to a nationwide survey by Freddie Mac, the mortgage company. A year ago, 30-year mortgages averaged 7.42%
Rates on 30-year mortgages fell to 6.45% in early November, the lowest level since Freddie Mac began conducting its survey in 1971.
Fifteen-year mortgages rose to 6.57% this week from 6.30% the week before.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.19%, down from 5.21% the previous week.
