WASHINGTON -- Average rates on fixed mortgages rose this week, the first increase in seven weeks, even as the rates remain near historic lows, according to Freddie Mac.
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The average for the benchmark 30-year, fixed-rate loan rose to 3.71% this week, from a record low of 3.67% last week; while the average for the 15-year mortgage moved to 2.98%, from a record low of 2.94%.
"Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases," said Frank Nothaft, chief economist for Freddie Mac.
ARM rates declined slightly this week, with the average for the five-year ARM dipping to 2.80%, from 2.84% last week; and the average for the one-year ARM slipping to 2.78%, from 2.79%.
