Mortgage rates inch higher

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WASHINGTON, Jan. 24 (UPI) -- Long-term U.S. mortgage rates rose in the week that ended Thursday, the Federal Home Loan Mortgage Corp. said.

Rates are not far from historic lows. The record low for 30-year, fixed rate mortgages was set Nov. 21. Rates for 30-year loans rose to their highest point since Sept. 29, Freddie Mac said.

In the week, the average 30-year fixed mortgage interest rate rose from 3.38 percent to 3.42 percent with an average 0.7 points, Freddie Mac said.

One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates.

Interest rates for 30-year, fixed-rate loans were at 3.98 percent in the same week a year earlier.

Interest rates for 15-year fixed rate loans rose from 2.66 percent to 2.71 percent with an average 0.7 points. The average rate for 15-year loans with fixed rates stood at 3.24 percent a year earlier.

Rates for five-year adjustable rate mortgages held at 2.67 percent with an average of 0.5 points. A year earlier, rates for these loans averaged 2.85 percent.

One-year adjustable rate mortgages using 10-year bonds as a benchmark, averaged 2.57 percent with 0.5 points in the week, also unchanged from the previous week.

One-year Treasury-indexed loans were at 2.76 percent in the same week of 2012.