News Summary: Rate on 30-year mortgage: 3.59 pct.

AP News
Posted: Aug 09, 2012 12:02 PM

RATES RISE: Average rates on fixed mortgages rose for the second straight week, staying slightly above historic lows.

THE NUMBERS: The rate on the 30-year loan jumped to 3.59 percent, mortgage buyer Freddie Mac says. The rate on the 15-year mortgage increased to 2.84 percent.

OUTLOOK: Two weeks ago, the rate on the 30-year loan fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s. Cheap mortgages have helped drive a modest housing recovery this year.