U.S. Rate on 30-Year Mortgage Rises to 3.63%

WASHINGTON (AP) -

The average U.S. rate on the 30-year fixed mortgage rose this week to its highest level in seven months but remains near historic lows. Low mortgage rates have helped support the gradually recovering housing market.

Freddie Mac said Thursday that the average rate for the 30-year fixed loan rose to 3.63 percent from 3.52 percent last week.

It’s the highest rate since August. But it’s still near the 3.31 percent reached in November, which was the lowest on records going back to 1971.