Average rates on fixed mortgages rose this week, the first increase in seven weeks, according to the latest data released Thursday by Freddie Mac.
The 30-year 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.
The average rate on the 15-year mortgage, a popular refinancing option, rose to 2.98 percent. That's up from 2.94% last week, also a record low.
"Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases," said Frank Nothaft, vice president and chief economist for Freddie Mac.
"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. 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."
Despite the increase, the mortgages rates remain near historic lows , which continues 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.
