WASHINGTON | Average US mortgage rates edge up; 30-year at 4.53 percent

WASHINGTON | Average US mortgage rates edge up; 30-year at 4.53 percent

WASHINGTON— Long-term U.S. mortgage rates edged higher this week, marking their first increase since early June.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages ticked up to 4.53 percent from 4.52 percent a week earlier.

Despite the decline in recent weeks, long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. The rate stood at 4.03 percent a year ago.

The average rate on 15-year, fixed-rate loans rose to 4.02 percent this week from 3.99 percent last week.

By Associated Press