Mortgage rates soared this week, with the 30-year fixed at its highest level since July 2007.

The average 30-year fixed-rate mortgage jumped 35 basis points, to 6.77 percent. A basis point is one-hundredth of a percentage point.

Prior to this week, the 30-year fixed had fallen for three consecutive weeks, marking only the second time this year the rate had fallen three weeks in a row.

The average 15-year fixed -- a popular option for refinancing -- jumped 37 basis points, to 6.32 percent, its highest reading since August 2007. The average jumbo 30-year fixed was up a more modest 4 basis points, to 7.68 percent.

The one-year adjustable-rate mortgage climbed 3 basis points, to 6.24 percent. The popular 5/1 ARM rocketed 43 basis points, to 6.48 percent. The 5/1 ARM is now at its highest level since August 2007.

Mortgage applications fell for the week ending July 18, according to the Mortgage Bankers Association. Applications slid a seasonally adjusted 6.2 percent from the week before.

Refinancing activity fell by 5.6 percent, while applications for new purchases were down by 6.7 percent.

-- Chris Kissell

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