Mortgage rates mostly up over last week, still historically low

The average rate for 30-year fixed-rate mortgages was 4.86 percent, up slightly from the 4.81 percent rate from the previous week. Rates for 15-year fixed-rate mortgages averaged 4.20 percent, up from 4.15 percent.

The five-year Treasury-indexed hybrid adjustable-rate mortgage also increased to an average rate of 3.77 percent, up from 3.75 percent.

However, all the rates still are falling well below mortgage rates experienced at the same time last year. For example, the average rate for a 30-year fixed-rate mortgage at the end of 2009 was 5.14 percent.

The housing data comes one day after a report from the Standard & Poor’s/Case-Shiller index found that housing prices fell another 1.3 percent this fall, with drops being experienced nationwide. Although some economic indicators, such as the recent report showing jobless claims have hit their lowest levels in more than two years, housing has proven to be a consistent drag on the economy.