Freddie Mac reported yesterday that 30-year fixed mortgage rates rose slightly this week and is now at 5.01 percent up from 4.98 percent last week. This time last year the average rate for a 30-year fixed mortgage was 5.25 percent.
In early December rates fell to a record low of 4.71 percent and have remained around 5 percent by the Federal Reserve's program that has pumped $1.25 trillion into mortgage-backed securities in an effort to help keep mortgage rates low and to help make home buying more affordable for everyone.
Mortgage rates are collected from Monday through Wednesday of each week by Freddie Mac from lenders around the nation. Each week the rates can often fluctuate significantly, even within a day.
Also according to Freddie Mac's report the average rate on a 15-year fixed-rate mortgage rose to 4.40 percent up from 4.39 percent the previous week.