WASHINGTON, Feb. 10 (UPI) -- Average interest rates for 30- and 15-year mortgages rose in the week ending Feb. 10, the U.S. Federal Home Loan Mortgage Corp. said Thursday.
The average interest rate for 30-year, fixed-rate mortgages rose from 4.81 percent to 5.05 percent with 0.7 points. Average interest rates for 15-year contracts rose from 4.08 percent to 4.29 percent with 0.7 points, Freddie Mac said.
Rates for 15-year, fixed-rate mortgages a year ago stood at 4.34 percent. Rates for 30-year mortgages a year ago averaged 4.97 percent.
Positive economic data is pushing rates higher, said Frank Nothaft, Freddie Mac's vice president and chief economist.
"For all of 2010, non-farm productivity rose 3.6 percent, the most since 2002, while January's unemployment rate unexpectedly fell from 9.4 percent to 9 percent. Moreover, the service industry expanded in January at the fastest pace since August 2005," Nothaft said.