Average 30-year mortgage rates rise to 3.99 per cent

WASHINGTON – The cost of borrowing money to buy a home rose slightly this week, but remains historically low.

Mortgage buyer Freddie Mac says the average rate on 30-year fixed-rate mortgages rose to 3.99 per cent, from 3.95 per cent last week. This week’s rate matches a 5-month high set two weeks ago. A year ago, the 30-year rate averaged 4.12 per cent.

The low rates — anything below 4 per cent is low by historical standards — are some consolation for home buyers dealing with rising prices amid a shortage of supply.

The rate on 15-year fixed-rate mortgages increased to an average 3.44 per cent from 3.38 per cent in the prior week. The 15-year rate averaged 3.37 per cent a year ago.

The average on five-year adjustable-rate mortgages rose to 3.46 per cent from 3.45 per cent last week.