Mortgage Rates Rise for 2nd Straight Week

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MBA Mortgage Applications Fell 1.8% Last Week
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WASHINGTON -- Average U.S. rates on fixed mortgages rose for the second straight week amid some signs of economic strength. Still rates remain near historically low levels. Mortgage buyer Freddie Mac says the average rate on the 30-year loan increased to 4.35 percent from 4.16 percent last week. That's the highest level since Sept. 19, when it was 4.50 percent.

The average on the 15-year fixed mortgage rose to 3.35 percent from 3.27 percent. The rates, though, are at their lowest levels in four months. A report from the government last week that U.S. employers added a surprisingly strong 204,000 jobs in October, despite the 16-day federal shutdown, indicated the economy may be sturdier than many had assumed.

Mortgage rates began falling in September when the Federal Reserve continued its $85-billion-a-month bond purchases.

More about mortgage rates:
Home Mortgage Applications Continue to Slide
Big Changes Coming to Mortgages, and How to Get Ahead of Them
20% of Today's Mortgages Would Fail New Loan Standard, Study Says

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