30-Year Mortgage Rate Climbs to 7.84%

The average interest rate on 30-year fixed-rate mortgages rose to 7.84% this week from 7.75% last week, Freddie Mac said. Mortgage rates have been on the rise this year. Fifteen-year mortgages averaged 7.46% this week, up from 7.36% last week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.49% this week, up from 6.45%. The rates do not include the fees known as points, which averaged about 1% of the loan amount for all three types of mortgages.