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Rate on 30-year Fixed Mortgage Rises to 3.98 pct.

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- The average rate on the 30-year fixed mortgage rose this week for the first time in a month, though it remained below 4 percent for the eighth straight week.

The low rates have had few takers because most who can afford to buy or refinance have already done so.

Freddie Mac says the average rate on the 30-year fixed mortgage rose to 3.98 percent this week. That's up from 3.88 percent the previous week, which was the lowest level on record.

The average on the 15-year fixed mortgage also rose to 3.24 percent, from 3.17 percent the previous week.

Mortgage rates are low because they tend to track the yield on the 10-year Treasury note, which fell below 2 percent this week.


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