Average US rate on 30-year mortgage rises to 3.86 percent
WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week yet remained near historic lows reached in May 2013.
Long-term rates resumed their upward trend of recent weeks after declining last week. Mortgage giant Freddie Mac says the national average for a 30-year fixed-rate mortgage increased to 3.86 percent from 3.75 percent last week.
The average rate for a 15-year mortgage, popular with homeowners who refinance, rose to 3.10 percent from 3.03 percent last week.
A year ago, the average 30-year mortgage stood at 4.37 percent and the 15-year mortgage at 3.38 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.