WASHINGTON — Average U.S. rates on fixed mortgages rose last week but remained close to historically low levels.
Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year loan increased to 4.37 percent from 4.28 percent last week. The average for the 15-year mortgage rose to 3.38 percent from 3.32 percent.
Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.
The increase was driven by speculation that the Federal Reserve would reduce its $85 billion-a-month bond purchases, which have helped keep long-term interest rates low.
Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.73 percent Wednesday, up from 2.71 percent a week earlier.
The average fee for a 30-year mortgage declined to 0.6 point from 0.7 point last week. The fee for a 15-year loan was unchanged at 0.6 point.