Average 30-year loan rate rises to 3.68 percent

WASHINGTON — Average long-term U.S. mortgage rates rose slightly last week, but remain near historic lows with the spring home-buying season under way and showing strong sales.

Mortgage giant Freddie Mac said Thursday that the national average for a 30-year fixed-rate mortgage increased to 3.68 percent from 3.65 percent the week before.

The average rate for a 15-year mortgage, popular with homeowners who refinance, ticked up to 2.94 percent from 2.92 percent.

A year ago, the 30year mortgage rate averaged 4.29 percent, while the 15-year mortgage averaged 3.38 percent.

Rates have remained low despite the Federal Reserve’s decision last year to stop monthly bond purchases meant to hold down long-term interest rates. After a winter in which growth nearly froze, the Fed downgraded its view of the economy on Wednesday and offered no sign that a rate increase might be coming soon.

The 30-year average rate hit a record low 3.31 percent in November 2012. The 15-year average hit bottom at 2.56 percent in May 2013.

Data issued Wednesday by the National Association of Realtors showed that more Americans signed contracts to buy homes in March, the third straight month of gains as housing heats up with the start of the buying season.

The increase in signed contracts indicates that robust hiring and low mortgage rates are encouraging more Americans to buy homes, after years of waiting to save for down payments and rebuild their credit in the wake of the housing bust and 2008 financial crisis.