Fixed mortgage rates rise from decades lows

WASHINGTON — Fixed mortgage rates edged up this week from their lowest levels in decades. But few have been able to capitalize on them.

Freddie Mac says the average rate on the 30-year fixed mortgage rose to 4.22 percent. That’s up from 4.15 percent last week, the lowest level on records dating to 1971.

The average rate on the 15-year fixed mortgage, a popular refinancing option, rose to 3.44 percent. Last week it fell to 3.36 percent,

Mortgage rates typically track the yield on the 10-year Treasury note. Yields rose this week as investors shifted money back into stocks. Bond yields rise as their prices fall.

Low rates have not been enough to revive the weak housing market. Mortgage applications to purchase a home fell last week to a 15-year low.