The rates on 30-year fixed mortgages increased slightly this week, with average rates rising 4.74 percent from 4.71 percent the previous week, Freddie Mac reports.

In November, 30-year rates had reached a 40-year low at 4.17 percent but have been inching upward ever since.

Here's how other rates fared for the week:

  • 15-year loan rates dropped to 4.05 percent from 4.08 percent.
  • 5-year adjustable-rate mortgages averaged 3.69 percent, down slightly from 3.72 percent the previous week.
  • 1-year ARMs were up slightly to 3.25 percent from 3.23 percent last week.

Mortgage rates were little changed during the holiday week amid reports that inflation remains tame, says Frank Nothaft, Freddie Mac vice president and chief economist. The housing construction market as well as home builder confidence still remain low, Nothaft notes.

Source: Tame Inflation Figures Leave Mortgage Rates Mixed, Freddie Mac (Jan. 20, 2011)