US rate on 30-year mortgage rises to 3.55 percent

WASHINGTON – The average U.S. rate on the 30-year fixed mortgage rose this week after falling to new record lows in each of the past 13 weeks.

Mortgage buyer Freddie Mac says the rate on the 30-year loan jumped to 3.55 percent. That's up from 3.49 percent last week, which was the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage, a popular refinancing option, increased to 2.83 percent. That's above last week's record low of 2.80 percent.

Cheaper mortgage rates have helped drive a modest but uneven housing recovery this year. Sales of new and previously occupied homes fell in June from May but were higher than the same month last year. And home prices have started to rise in a majority of cities.