Freddie Mac reports rise in national mortgage rates

U.S. long-term mortgage rates shot up this week, yet they stayed close to the historic lows that appear to be helping the real estate market.

Mortgage buyer Freddie Mac says the average rate on a 30-year, fixed-rate mortgage increased to 3.73 percent from 3.56 percent last week.

The rate averaged 4.65 percent a year ago, when the higher government debt from President Donald Trump’s tax cuts enabled borrowing costs to rise.

The average rate for a 15-year, fixedrate home loan climbed to 3.21 percent from 3.09 percent last week.