30-Year Mortgage Rates Rise to 7.88%
Times Staff and Wire Reports
Thirty-year fixed-rate mortgages averaged 7.88% this week, up from 7.85% last week, the Federal Home Loan Mortgage Corp. reported. That compares with highs of 7.88% for the week ended Oct. 17, and of 8.06% for the week ended Oct. 3. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.55%, down from 5.57%. Fifteen-year mortgages averaged 7.38% this week, up from 7.35% last week. The figures do not include points.
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