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Feb. 10, 2011 / 2:46 PM

U.S. interest rates rise on stronger data

U.S. Federal Reserve Board Chairman Ben Bernanke before the House Budget Committee hearing, February 9, 2011, on Capitol Hill, in Washington,D.C. Bernanke testimony on the "State of the US Economy", comes as the economy attempts to recover from the recent recession, amid a ballooning federal deficit and continuing high unemployment. UPI/Mike Theiler

U.S. Federal Reserve Board Chairman Ben Bernanke before the House Budget Committee hearing, February 9, 2011, on Capitol Hill, in Washington,D.C. Bernanke testimony on the "State of the US Economy", comes as the economy attempts to recover from the recent recession, amid a ballooning federal deficit and continuing high unemployment. UPI/Mike Theiler | License Photo

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.

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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.

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