30-Year Mortgage Rates Rise to 7.87%

Thirty-year fixed-rate mortgages averaged 7.87% this week, up from 7.85% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It is the highest since April 18, when rates averaged 7.88%. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.57%, up from 5.54% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.38% this week, up from 7.35% a week earlier. The rates do not include points.