Average rates for 30-year fixed mortgages inch above 5 percent this week

Mortgage rates edge up slightly

McLEAN, Va. — Freddie Mac says rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent.

The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week. Last year at this time, the average rate for a 30-year fixed mortgage was 5.25 percent.

Rates fell to a record low of 4.71 percent set in early December. They’ve been held around 5 percent by a Federal Reserve program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable. That program is set to end March 31.