Mortgage Rates Edge Up

Federal Reserve, Freddie Mac, Loans, Money, Mortgage Lending, Mortgage Rates

Mortgage rates rose slightly this week, Freddie Mac says.

Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said Thursday.

The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week.

Last year at this time, the average rate for a 30-year fixed mortgage was 5.25 percent.

Rates fell to a record low of 4.71 percent set in early December and they’ve been held around 5 percent by a Federal Reserve program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable.

The program is set to end March 31.

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