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US long-term mortgage rates rise for 2nd week, to 3.91 pct

Long-term mortgage rates rose for a second straight week as the average 30-year fixed mortgage rate increased to 3.91 percent, from 3.85 percent a week ago.

Mortgage buyer Freddie Mac said the 15-year home loan, frequently used by homeowners who refinanced their mortgages, also jumped, rising to 3.21 percent, from 3.15 percent.

Mortgage rates have picked up a bit in the past month. The average 30-year rate fell to 3.78 percent in early September, its lowest level this year.

Rates on home loans typically track the yield on 10-year Treasury notes, which have increased in recent weeks. Federal Reserve policymakers indicated in a meeting last month that they are likely to raise short-term rates for the third time this year in December, a move that can also lift longer-term rates.

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