WASHINGTON, D.C. — Rates for 30-year home loans rose above the 5 percent threshold for the first time in three weeks, but remained near historically low levels.
The average rate on a 30-year fixed rate mortgage was 5.05 percent this week, up from 4.93 percent a week earlier, mortgage finance company Freddie Mac said Thursday.
Rates had dropped to a record low of 4.71 percent in December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.
Mortgage rates have been at or near record lows due to a $1.25 trillion Federal Reserve program to buy up mortgage securities. That program is scheduled to run out at the end of March, but the Fed has held the door open to extending it if the economy weakens.
The average rate on a 15-year fixed-rate mortgages rose this week to 4.4 percent, up from 4.33 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.16 percent, up from 4.12 percent a week earlier.
Rates on one-year, adjustable-rate mortgages fell to 4.15 percent from 4.23 percent.