The average rate on fixed-rate mortgages shot up this week, according to a Freddie Mac survey released Thursday.

The 30-year, fixed-rate mortgage averaged 6.46% nationally in the week ended Oct. 16, up more than half a percentage point from the previous week's 5.94%. This was the largest weekly increase since the week ended April 17, 1987, when the rate went up 0.84 percentage point, Freddie said. The mortgage averaged 6.40% a year ago.

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