Long-Term Mortgage Rates Rise; 30-Year At 3.78%

WASHINGTON (AP) -
mortgage rates
A new home for sale in Denver. (AP Photo/David Zalubowski)

Long-term mortgage rates rose this week for the third straight week, while remaining historically low and far below their levels of a year ago.

Mortgage giant Freddie Mac says the average rate for a 30-year fixed-rate mortgage increased to 3.78% from 3.75% last week. By contrast, the key average rate stood at 4.83% a year ago.

The average rate on a 15-year mortgage ticked up to 3.19% from 3.18% last week.

Lower borrowing rates have helped revive the housing market, which stumbled last year. New home sales jumped 15.5% in September from a year earlier.