WASHINGTON – Average U.S. long-term mortgage rates rose this week, with the benchmark 30-year loan crawling back over 4 percent. It was the second straight week of increases in rates after they had fallen for five weeks amid concern over global economic weakness.
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Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage increased to 4.02 percent from 3.98 percent last week. Still, at 4.02 percent the rate remains at its lowest level since June 2013. The 30-year rate stood at 4.53 percent back in January.
The average for a 15-year mortgage, a popular choice for people who are refinancing, jumped to 3.21 percent from 3.13 percent.
The five-week decline in long-term rates sparked a wave of homeowners looking to refinance mortgages at a bargain rate.