Mortgage rates hold below 5 percent

WASHINGTON, Oct. 15 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages rose in the week, but held below 5 percent, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 4.92 percent with an average 0.7 points during the week ending Oct. 15, Freddie Mac said.

A week ago, 30-year, fixed-rate mortgages averaged 4.87 percent. A year ago, rates averaged 6.46 percent.

At 4.37 percent with an average 0.7 points, the 15-year, fixed-rate average also rose, climbing from the previous week's average of 4.33 percent. A year ago, 15-year, fixed-rate interest rates averaged 6.14 percent, Freddie Mac said.

"Mortgage rates rose slightly over the week, but rates on 30-year fixed rate mortgages remained below 5 percent for the third consecutive week," said Frank Nothaft, Freddie Mac vice president and chief economist.