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US mortgage rates rise but remain low

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WASHINGTON (AP) — Long-term mortgage rates rose this week after signs of a trade truce between the United States and China last week pushed up the interest rate on 10-year Treasurys.

Mortgage giant Freddie Mac said Thursday that the average rate for a 30-year fixed mortgage rose from 3.57 percent the previous week to 3.69 percent. That’s down from 3.9 percent at the same time last year, and by historic standards is very low.

Lower rates have helped reinvigorate the housing market, which stumbled last year. Sales of existing homes reached a 17-month high in August, and new home sales jumped 7 percent that month. Single-family home construction has also ticked up.

The average rate on a 15-year mortgage moved up from 3.05 percent a week ago to 3.15 percent.

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