The 30-year fixed mortgage rate rose to 3.71 percent from 3.67 percent a week ago, ending the rate’s six-week decline. This time last year, the average was 4.50 percent, according to the latest data released Thursday by Freddie Mac.
The average rate on the 15-year mortgage, a popular refinancing option, rose to 2.98%. That's up from 2.94 percent last week, also a record low.
"The Federal Reserve Board reported that household net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012 primarily due to increases in stock markets,” said Frank Nothaft, vice president and chief economist for Freddie Mac.
“However, this is still well below the peak of $67.5 trillion set in the third quarter of 2007. Nonetheless, homeowners saw an aggregate $372 billion rise in property values over the first three months of this year,” he added.
Despite the increase, the mortgages rates remain near historic lows, which continue to spur refinancing and home buying.
The Mortgage Bankers Association reported on Wednesday that the number of mortgage applications rose to 18 percent on a seasonally adjusted basis from the previous week, reaching its highest level since May 2009.
On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, soared more than 30 percent compared with the week prior.