Mortgage rates tick up after weeks of decline

Source: Fox Business — 

The average long-term U.S. mortgage rate began to rise after four weeks of contraction, a possible sign of stability that could draw in home shoppers with spring buying season weeks away.

The big rise in mortgage rates during the past year has throttled the housing market, with sales of existing homes falling for 11 straight months to the lowest level in more than a decade. 

The average rate on a 30-year fixed mortgage rose to 6.12% on Thursday from 6.09% last week, according to mortgage buyer Freddie Mac. A year ago, the average rate was 3.69%.