Mortgage rates edge up
WASHINGTON — Average U.S. rates on fixed mortgages rose slightly this week, reversing a five-week downward trend.
Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year loan edged up to 4.14 percent from 4.12 percent last week. The average for the 15-year mortgage climbed to 3.23 percent from 3.21 percent.
Housing began to recover in 2012, but higher mortgage rates, tight credit and a limited supply of available homes have slowed momentum recently. Mortgage rates are about a quarter of a percentage point higher than they were at the same time last year.
U.S. home prices rose in April compared with a year earlier, but the rise was the smallest annual gain in 14 months, a report showed Tuesday. Gains have slowed this year as sales have faltered. Data provider CoreLogic said that prices rose 10.5 percent in April from 12 months earlier. That is a healthy gain, but it is down from the pace in March and February.