US rate on 30-year mortgages rises to 3.62 percent

US rate on 30-year mortgages rises to 3.62 percent

US rate on 30-year mortgages rises to 3.62 percent

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Associated Press

Posted on August 16, 2012 at 10:00 AM

Updated Thursday, Aug 16 at 1:57 PM

WASHINGTON (AP) — Average U.S. rates on fixed mortgages ticked up for the third straight week, staying slightly above record lows. Cheap mortgages have helped fuel a modest housing recovery this year.

Mortgage buyer Freddie Mac says the rate on the 30-year loan increased to 3.62 percent, up from 3.59 percent last week. Three weeks ago, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage, a popular refinancing option, rose to 2.88 percent. That's up from 2.84 percent last week and record low of 2.80 percent three weeks ago.

The availability of low rates has lifted home sales higher this year. Home prices have also increased, largely because the supply of homes has shrunk while sales have risen.

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