WASHINGTON – Long-term U.S. mortgage rates inched higher this week. The benchmark 30-year rate remained above the key threshold of 4 per cent.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate home loans rose to 4.05 per cent from 4.02 per cent last week. The rate stood at 3.57 per cent a year ago and averaged 3.65 per cent in 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages ticked up to 3.29 per cent last week from 3.27 per cent.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 per cent of the loan amount.

The average fee for a 30-year mortgage was unchanged this week at 0.5 point. The fee on 15-year loans also held steady at 0.5 point.

Rates on adjustable five-year loans edged up to 3.14 per cent from 3.13 per cent last week. The fee remained at 0.5 point.