Average rate on 30-year mortgage in US rises for fifth straight week

WASHINGTON, D.C.: The average rate on a 30-year mortgage in the U.S. has returned to its highest level since early August, rising for the fifth straight week but still down from a year ago.

Mortgage buyer Freddie Mac said this week that the rate rose to 6.72 percent from 6.54 percent last week. A year ago, the rate averaged 7.76 percent.

The cost of borrowing for 15-year fixed-rate mortgages, which are po