Mortgage Rates Rise in Latest Week

The average rate on 30-year fixed-rate mortgages rose this week to 7.09%, the Federal Home Loan Mortgage Corp. said. The increase, from 6.99%, brought the average to a four-week high. Six weeks ago, the rate sank to a four-year low of 6.89% as the Asian financial turmoil encouraged investment in the United States. Fifteen-year mortgages, a popular option for refinancing, averaged 6.69% this week, also a four-week high and up from 6.59% last week, Freddie Mac said. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.65%, up from 5.59% and the highest since early July. The rates do not include add-on fees known as points.