News Summary: US mortgage rates up, but still low

AP News
Posted: May 23, 2013 3:36 PM

RATES RISE: Average U.S. rates on fixed mortgages rose this week to their highest levels since mid-March. Even with the gains, they remained close to historic lows.

THE NUMBERS: The average rate for the 30-year loan increased to 3.59 percent. That's up from 3.51 percent last week but near the record low of 3.31 percent. The rate on the 15-year loan jumped to 2.77 percent from 2.69 percent last week. The record low is 2.56 percent.

THE REASON: Mortgage rates rose because they tend to track the yield on the 10-year Treasury note, which rose above 2 percent this week for the first time since March 14