Average 30-year US mortgage rate up to 4.28 pct.

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Associated Press

Posted on February 13, 2014 at 8:32 AM

Updated Thursday, Feb 13 at 1:00 PM

WASHINGTON (AP) — The average U.S. rate on a 30-year fixed mortgage edged up this week to 4.28 percent from 4.23 percent but remains near historically low levels after declining during the five previous weeks.

Mortgage buyer Freddie Mac says the average for the 15-year loan was unchanged at 3.33 percent.

Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago. The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases. Deeming the economy to be gaining strength, the Fed proceeded last month with planned reductions of its bond purchases, which have helped keep long-term interest rates low.

Recent economic data have pointed to a likely pause in the housing market's recovery.

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