Mortgage Rate at Highest Level in 2 Months

The average interest rate on 30-year fixed-rate mortgages rose to 7.93% this week, up from 7.85% last week, mortgage company Freddie Mac said. The figure is the highest since rates climbed to 8.15% in mid-August, the high for this year. Fifteen-year mortgages averaged 7.53% this week, up from 7.45% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.30% this week, down slightly from 6.31% last week. The rates do not include the fees known as points. (Associated Press)