4.80% is still way under the historical rates of 8% to 9%. Even with the little bump, home sales have decrease.
The average rate for 30-year fixed loans climbed to 4.80 percent for the week ended today from 4.74 percent, according to Freddie Mac. The average 15-year rate was 4.09 percent, up from 4.05 percent a week earlier, the McLean, Virginia-based mortgage-finance company said in a statement.
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Rising lending rates may prompt potential buyers to hold off purchasing a home while unemployment in the U.S. hovers above 9 percent. Mortgage applications fell last week to the lowest in more than two years as rates for 30-year fixed loans continued to climb from a three-decade low of 4.17 percent in November.