Average rate on 30-year mortgage ticks up to 3.34%

Average U.S. rates on fixed mortgages rose this week slightly above the recent record lows, keeping home-buying and refinancing attractive to consumers. Mortgage buyer Freddie Mac says today that the average rate on the 30-year loan ticked up to 3.34%, above last week’s rate of 3.3%. Two weeks ago, the rate dipped to 3.31%, the lowest on records dating to 1971. The average on the 15-year fixed mortgage rose to 2.67% from 2.64% last week. The rate declined to 2.63% two weeks ago, also a record low. Mortgage rates have been near record lows all year, which has helped fuel a modest housing recovery. Sales of newly built and previously occupied homes are up from a year ago across the country, and builders are more confident in the market and are responding by starting construction on more homes. Still, the housing market has a long way to a full recovery. And many people are unable to take advantage of the low rates, either because they can’t qualify for stricter lending rules or they lack the money to meet larger down payment requirements. To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.