Mortgage Rates Jump After Hitting Record Low

mortgage rates
mortgage rates

WASHINGTON -- The average rate on the 30-year fixed mortgage rose sharply this week after falling below 4 percent for the first time in history.

Freddie Mac said Thursday that the rate on the 30-year fixed loan rose to 4.12 percent. That's up from 3.94 percent last week, the lowest rate ever, according to the National Bureau of Economic Research.

The average rate on the 15-year fixed mortgage, a popular refinancing option, increased to 3.37 percent from 3.26 percent, also a record.

Super low rates haven't been enough to lift the housing market, which has struggled in recent years with anemic sales and declining home prices.