30-Year Mortgage Rates Rise Above 7%

Rates on 30-year mortgages rose for a second straight week, edging up above 7%, according to a nationwide survey.

Freddie Mac, the mortgage company, reported that the average interest rate on 30-year fixed-rate mortgages rose to 7.02%, up from 6.96% the previous week. The back-to-back weekly increases followed four consecutive weekly declines that had pushed 30-year mortgages below 7% for the first time since early December.

Fifteen-year mortgages, a popular option for refinancing, rose to 6.51% this week from 6.44% the week before.