U.S. long-term mortgage rates edge up; 30-year loan at 3.65%

WASHINGTON >> U.S. long-term mortgage rates rose slightly last week after financial markets that had been roiled by the U.S.-Iran conflict stabilized.

Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year fixed-rate mortgage ticked up to 3.65% from 3.64% last week. The benchmark rate was 4.45% a year ago.

The average rate on a 15-year mortgage increased to 3.09% from 3.07% last week.

Loan rates regained the stability they’ve shown in recent months, buttressed by positive economic data, a strong job market, and improved sentiment in the housing market, which saw a slowdown early last year.

Freddie Mac surveys lenders nationwide between Monday and Wednesday each week to compile its mortgage rate figures. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

The average fee on 30-year fixed-rate mortgages remained at 0.7 point this week. The average fee for the 15-year mortgage also held at 0.7 point.

Nation’s largest retail trade group: holiday sales up 4.1%

NEW YORK >> The nation’s largest retail trade group says holiday sales increased 4.1%, near the top end of its forecast.

The National Retail Federation had expected a range of 3.8% to 4.2% for the November and December period.

The results offer a dose of optimism for the retail industry after several large stores delivered disappointing holiday sales.

The numbers exclude sales from automobile dealers, gas stations and restaurants.

Online and other non-store sales were up 14.6% over the prior year and are included in the total.