Mortgage Rates Creeping Up

NEW YORK ( TheStreet)-- Freddie Mac ( FMCC) said Thursday both long- and short-term mortgage rates have been on the rise in the past week.

The federal lender said its latest survey found that 30-year fixed-rate mortgage averaged 4.80% for the week ended Jan. 27, up from 4.74% last week. To get that 4.80% rate, borrowers paid an average of 0.7 of a point.

"Mortgage rates followed bond yields a little higher this week amid positive reports from The Conference Board that suggest the economy is strengthening," said Frank Nothaft, vice president and chief economist of Freddie Mac in a press release.

The 15-year fixed-rate mortage averaged 4.09%, up from 4.05% in the prior week. The five-year Treasury-indexed hybrid adjustable-rate mortgage also inched up, rising to 3.70% this week from 3.69% last week, while the one-year Treasury-indexed adjustable-rate mortgage swelled to 3.26% from 3.25% last week.

--Written by Maria Woehr in New York.

To contact the writer of this article, click here: Maria Woehr.

To follow the writer on Twitter, go to http://twitter.com/newsgirlmw.

To submit a news tip, send an email to: tips@thestreet.com.

More from Stocks

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

This Should Be Your Retirement Savings Plan When the Stock Market Crashes

This Should Be Your Retirement Savings Plan When the Stock Market Crashes