NEW YORK – Rates on 30-year mortgages inched higher this week after two straight weeks of record lows, but still remained at attractive levels for borrowers looking to refinance their home loans.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 4.87 percent this week from an average of 4.78 percent last week. That was the lowest in the history of Freddie Mac’s survey, which dates back to 1971.

Rates have been below 5 percent for four consecutive weeks and are still down by a full percentage point from a year ago.

Low rates have sparked a surge in refinancing activity.

Speaking at the White House on Thursday, President Barack Obama said millions of Americans can save money by refinancing their home loans.

“We are at a time where people can really take advantage of this,” Obama said.

Obama touted the increase in refinancing nationwide as a sign that federal programs to help homeowners are working, but warned that loan modification operations that ask for money up front are “probably a scam.”