The national average for 30-year mortgages climbed sharply this week, rising to 8.42 percent, according to a survey released Thursday by the Federal Home Loan Mortgage Corp.
It was the highest level in nearly 17 months, since 30-year mortgages had averaged 8.62 percent in early March 1995.On one-year adjustable rate mortgages, lenders were asking an average initial rate of 6.01 percent, up from 5.94 percent last week.
Mortgages with a 15-year term, a popular option for homeowners who are refinancing, averaged 7.93 percent this week, up from 7.67 percent last week.
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The rates do not include add-on fees known as points.