Mortgage rates rise in week

WASHINGTON, Aug. 20 (UPI) -- Average interest rates for 30-year, fixed-rate U.S. mortgages rose in the week ending Aug. 13, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 5.29 percent with an average 0.7 points in the week, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 5.22 percent. A year ago, they averaged 6.52 percent.

At 4.68 percent with an average 0.7 points, the 15-year, fixed-rate average also rose from a week ago. In the previous week, 15-year fixed rate loans averaged 4.63 percent.

"Declines in some local housing markets may be nearing an end," said Frank Nothaft, Freddie Mac vice president and chief economist.

"Median existing home prices rose among 17 percent of major metropolitan areas in the second quarter from the same period last year," he said. "Moreover, 81 percent of major cities had house prices rise between the first quarter and second quarter of this year, owing in part to seasonality."