Mortgage rates snap 4-week fall
Even with increase, levels are lowest since 1950s.
NEW YORK (CNNMoney.com) -- Home mortgage rates were slightly higher this week, snapping a 4-week streak of declines, said a report released Thursday.
The average 30-year fixed mortgage rate jumped to 5.2% up from 5.13% this week week, according to Bankrate.com's weekly national survey.
"Homeowners and buyers are benefiting from the initiatives of the Federal Reserve to purchase mortgage debt and government securities in an effort to reduce borrowing costs and jumpstart the economy," the report said.
Even with the increase, rates remain at historic lows, the report said. Rates have plunged since late October, when 30-year fixed home mortgage rates averaged 6.77%.
Home mortgage rates dropped to a 52-year low last week according to Bankrate data, with the average 30-falling to 5.19%. The last time rates dipped lower than that was in 1956.
Six months ago, the average 30-year fixed mortgage rate was 6.2%, meaning a $200,000 loan would have carried a monthly payment of $1,224.94. With the rate at 5.2%, the monthly payment for the same size loan would be $1,098.22, meaning homeowners who refinance now would save more than $126 per month, the report said.
Other rates: The average 15-year fixed rate mortgage ticked up to 4.75% from 4.73% the week prior.