Mortgage rates tick up; still near record lows
WASHINGTON Average rates on U.S. fixed mortgages rose this week but remained near record lows, a trend that is leading more Americans to buy homes or refinance their loans.
Mortgage buyer Freddie Mac says the average rate on a 30-year loan increased to 3.37 percent from 3.32 percent last week. That's just above the 3.31 percent rate of a month ago, the lowest on records dating to 1971.
The average on the 15-year fixed mortgage dipped to 2.65 percent from 2.66 percent last week. The record low is 2.63 percent.
Low rates have spurred home sales and helped spark a modest housing recovery. Sales of previously occupied homes jumped to a three-year high last month.
Popular on MoneyWatch
- TGI Fridays nailed for doctoring booze
- Reverse cell phone lookup service is free and simple
- Amy's Baking Company could face legal 'nightmare'
- How Bernanke's testimony affects investors
- Meat labels getting facelift under new USDA rules
- Help! My boss is promoting the wrong person
- My company is ending OT pay, but not OT work
- Snapple co-founder Leonard Marsh dies at 80