WASHINGTON – Fixed mortgage rates edged up this week from their lowest levels in decades. But few have been able to capitalize on them.
The average rate on the 30-year fixed mortgage rose to 4.22 percent, Freddie Mac said Thursday. That’s up from 4.15 percent last week, the lowest level on records dating to 1971. The average rate on the 15-year fixed mortgage, a popular refinancing option, rose to 3.44 percent. Last week it fell to 3.36 percent.
Low rates have not been enough to revive the weak housing market. Mortgage applications to purchase a home fell last week to a 15-year low, according to the Mortgage Bankers Association.
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