Mortgage Rates Hit Highest Level Since ’97

Mortgage rates hit their highest level since April 1997 amid fears that the Federal Reserve will boost interest rates next month. The average interest rate on 30-year fixed-rate mortgages climbed to 8.18% this week, up from 8.15% last week, Freddie Mac said. That matched the rate for the week ended April 4, 1997. The last time rates were higher than 8.18% was Sept. 13, 1996, when 30-year mortgages averaged 8.28%. Fifteen-year mortgages, a popular option for refinancing, rose to an average rate of 7.78% from 7.73% last week.