Average long-term U.S. mortgage rates rose this week for the first time in two months as global economic anxiety and market turbulence eased.
Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage increased to 3.64 percent from 3.62 percent last week. The benchmark rate remains below the 3.75 percent level it marked a year ago.
The average rate on 15-year fixed-rate mortgages edged up to 2.94 percent from 2.93 percent last week.
Economists saw some positive signs in new data. The U.S. stock market started recouping losses from a brutal start to the year and ended last Friday with a second straight weekly gain. That brought a break in the recent trend of U.S. government bond prices being catapulted higher as investors sought safety.
Though markets have stabilized and some economic anxiety has eased, most experts don't expect the Federal Reserve to raise the short-term interest rate it controls anytime soon, following its rate hike in December.
Rates on adjustable five-year mortgages averaged 2.84 percent this week, up from 2.79 percent last week.
With interest rates remaining at such a low level, it's a great time to be purchasing a home.