Mortgage rates up, reflect new worries

Mortgage rates shot up this week with 30-year mortgages climbing to the highest level in nearly a year, reflecting concerns in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac.

Freddie Mac reported Thursday that its nationwide survey showed rates on 30-year mortgages surged to 6.63 percent this week, up sharply from 6.26 percent last week. That represented the highest level for 30-year mortgages since they stood at 6.68 percent the week of Aug. 1.

Rates on 15-year, fixed-rate mortgages rose to 6.18 percent, up from 5.78 percent last week.

The mortgage rates do not include add-on fees known as points.

-- Associated Press