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Rate on 30-year mortgages rises to 3.62%

Posted by Bonnie Martin Designated Broker on Friday, August 17th, 2012 at 7:30am.

WASHINGTON (AP) – Average U.S. rates on fixed mortgages ticked up for the third straight week, staying slightly above record lows. Cheap mortgages have helped fuel a modest housing recovery this year.

 Mortgage buyer Freddie Mac says the rate on the 30-year loan increased to 3.62%, up from 3.59% last week. Three weeks ago, the rate fell to 3.49%, the lowest since long-term mortgages began in the 1950s.

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