U.S. mortgage rates incline slightly

WASHINGTON, Feb. 14 (UPI) -- Interest rates for 30-year fixed-rate mortgages in the United States increased slightly in the last week, Freddie Mac reported Thursday.

The average 30-year fixed interest rate was 5.72 percent with an average of 0.4 points for the week, the federally supported mortgage lender said. The rate was higher than the previous week's 5.67 percent.

For the same week in 2007, 30-year fixed rate mortgages averaged 6.30 percent in the United States.

Fifteen-year fixed rate mortgages also inclined, with an average interest rate of 5.25 percent and 0.4 points, Freddie Mac said. In the previous week, the average was 5.15 percent and in the same week of 2008 15-year fixed rate mortgages averaged 6.03 percent.

"This week was relatively light on the number of economic data releases, which painted a mixed picture regarding the current state of the economy," Freddie Mac chief economist Frank Northaft said. "On a positive note, labor productivity rose higher than market forecasts in the fourth quarter of 2007."

"However," he added, "pending existing home sales fell for the second month in December, indicating further weakness in home sales for January and February."