WASHINGTON -- Average rates on fixed mortgages rose this week, the first increase in seven weeks, even as the rates remain near historic lows, according to Freddie Mac.

The average for the benchmark 30-year, fixed-rate loan rose to 3.71% this week, from a record low of 3.67% last week; while the average for the 15-year mortgage moved to 2.98%, from a record low of 2.94%.

"Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases," said Frank Nothaft, chief economist for Freddie Mac.

ARM rates declined slightly this week, with the average for the five-year ARM dipping to 2.80%, from 2.84% last week; and the average for the one-year ARM slipping to 2.78%, from 2.79%.



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