U.S. rate on 30-year mortgage rises to 3.56 pct.
The average U.S. rate on the 30-year fixed mortgage rose this week but remained near historic lows. Low mortgage rates have helped support the slowly recovering housing market.
In brief
Mortgage rates rise
WASHINGTON — The average U.S. rate on the 30-year fixed mortgage rose this week but remained near historic lows. Low mortgage rates have helped support the slowly recovering housing market.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 3.56 percent from 3.53 percent last week. That's still near the 3.31 percent reached in November, which was the lowest on record dating to 1971.
The average rate on the 15-year fixed mortgage stayed at 2.77 percent for a third straight week. The record low is 2.63 percent.
The cheap mortgages that are encouraging more people to buy or refinance could also help sustain the economy's recovery this year. The average rate on a one-year adjustable-rate mortgage increased to 2.65 percent from 2.61 percent last week. The fee for one-year adjustable-rate loans rose to 0.4 point from 0.3.
The average rate on a five-year adjustable-rate mortgage was steady at 2.64 percent. The fee slipped to 0.5 point from 0.6.
Associated Press
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