Mortgage buyer Freddie Mac said the average for the 30-year loan slipped to 4.51 percent from 4.53 percent last week. The average for the 15-year loan edged up to 3.56 percent from 3.55 percent.
Mortgage rates have risen more than a full percentage point since hitting record lows a year ago, driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases.
The Fed determined the economy was strong enough to start cutting those monthly purchases by $10 billion. The bond purchases have kept long-term interest rates low.
The rise in mortgage rates has slowed home sales, which have fallen for three straight months.
MORE HBJ HEADLINES
Stylish hats help couple find success U.S. homes sell at strongest pace since 2007 Trump flip-flops on Boeing’s deal with Iran 7:34 p.m. Co-signing for someone is just not worth it Briefs: New VP of retail sales at 1st Security Bank in Mountlake Terrace Boeing says it has a signed sales agreement with Iran Air