US fixed mortgage rates rise

US fixed mortgage rates edged up for the first time in three weeks, but were still low by historical standards, according to the primary mortgage market survey released by Freddie Mac.

The US mortgage giant Thursday said that the 30-year fixed-rate mortgage edged up to 4.39 percent in the week ending Aug 1, from 4.31 percent in the previous week.

The 15-year fixed-rate mortgage rose to 3.43 percent this week from 3.39 percent last week, Xinhua reported.

US fixed mortgage rates jumped to the highest level in two years several weeks ago on speculation that the federal reserve may begin to slow its bond purchases later this year, but still stayed well below the benchmark level of 6 percent, indicating that homes would continue to be affordable by historical standards.

Freddie Mac Vice President and Chief Economist Frank Nothaft said that the housing recovery continued to support the overall economy with mortgage rates still relatively low.

"May's S&P/Case Shiller 20-city composite index was up 12.2 percent from last May and represented the largest annual increase since March 2006. In addition, pending home sales in June hovered near a 6.5-year high," Nothaft noted.