Fixed mortgage rates rise above record lows

Associated Press

WASHINGTON (AP) — Fixed mortgage rates rose slightly this week off their record lows. The year ends much like it began, with few people able to take advantage of the best rates in history.

Freddie Mac says the average on the 30-year home loan increased to 3.95 percent from 3.91 percent. Last week's rate was the lowest average on records dating to the 1950s.

The average on the 15-year fixed mortgage rose to 3.24 percent. That's up from 3.21 percent, also a record low.

Rates have been below 5 percent for all but two weeks in 2011. Even so, this year is shaping up to be one of the worst ever for home sales.

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