Mortgage Rates Highest in Seven Months

Washington, DC, Dec. 30, 2010 -- The average rate on 30-year fixed mortgages rose this week to the highest level in seven months, according to Freddie Mac.

The agency said the rate increased to 4.86% from 4.81% in the previous week. It hit a 40-year low of 4.17% last month.

The average rate on the 15-year loan rose to 4.20% from 4.15% -- the highest reading in six months. It fell to 3.57% in November, the lowest level on records starting in 1991.