LINKEDINCOMMENTMORE

Washington — Average long-term U.S. mortgage rates rose slightly this week in the days before the Federal Reserve announced a historic increase in its key short-term interest rate.

Mortgage buyer Freddie Mac says the average rate on a 30-year fixed-rate mortgage edged up to 3.97 percent from 3.95 percent a week earlier. The average rate on 15-year fixed-rate mortgages increased to 3.22 percent from 3.19 percent.

The key 30-year rate is well above its level of a year ago, 3.80 percent. The rate has increased significantly overall since the end of October, when it stood at 3.76 percent. But it remains historically low at below 4 percent.

The Fed announced Wednesday a quarter-point increase in its benchmark funds rate, the first in nine years. That rate has limited influence on home borrowing rates.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Read or Share this story: http://detne.ws/1QPfnG5