Mortgage rates spike on market turmoil

Biggest weekly increase in 21 years

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Rates on traditional fixed-rate mortgages saw their largest one-week increase in more than 20 years this week, shooting back well above 6 percent on continued volatility in markets for investments such as Treasurys and bonds that finance mortgages.

Rates for 30-year fixed-rate mortgages hit at an eight-week high, averaging 6.46 percent with an average 0.6 point for the week ending Oct. 16, Freddie Mac said in its weekly Primary Mortgage Market Survey.