ECONOMY

The average interest rate on 30-year fixed-rate mortgages rose to 7.01%, up from 6.98% last week, Freddie Mac said. A year ago, the rate on 30-year mortgages stood at 8.38%. Last May, 30-year mortgages hit a five-year high of 8.64%. Fifteen-year mortgages, a popular option for refinancing, rose to 6.61% last week from 6.60% the previous week. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 6.40%, down from 6.45% the week before. The rates do not include add-on fees, known as points.