Average US 30-year mortgage rate up to 4.14 pct

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Associated Press

Posted on June 5, 2014 at 2:02 PM

Updated Friday, Jun 6 at 6:01 AM

WASHINGTON (AP) — Average U.S. rates on fixed mortgages rose slightly this week, reversing a five-week downward trend.

Mortgage buyer Freddie Mac says the average rate for a 30-year loan edged up to 4.14 percent from 4.12 percent last week. The average for the 15-year mortgage climbed to 3.23 percent from 3.21 percent.

Housing began to recover in 2012, but higher mortgage rates, tight credit and a limited supply of available homes have slowed momentum recently. Mortgage rates are about a quarter of a percentage point higher than they were at the same time last year.

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