Mortgage rates climb after weeks of declines

U.S. mortgage rates rose after several weeks of declines, according to Freddie Mac.

The 30-year fixed mortgage averaged 4.19 percent for the week ending Jan. 26, an increase from 4.09 percent the previous week. A year ago, mortgage rates averaged 3.79 percent.

Favorable mortgage rates have aided U.S. home sales and have driven the refinance market.

“The 10-year Treasury yield increased more than 10 basis points this week,” said Allyn Maycumber, at Keller Williams Realty. “The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point jump. This week marks the first increase in the mortgage rate since December 29. The 2.8 percent decline in existing home sales in December is a reminder of the lack of . According to the National Association of Realtors, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate.”

The historic low for 30-year rates was 3.31 percent in November 2012.