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US 30-year mortgage rates average rises to 3.85 percent

Long-term mortgage rates ticked up slightly the week of Oct. 2 as the average 30-year fixed-rate mortgage rose to 3.85 percent from 3.83 percent a week before.

Mortgage buyer Freddie Mac said the 15-year home loan, often used by homeowners who refinanced their mortgages, also rose slightly to 3.15 percent from 3.13.

While near historically low, mortgage rates are higher than they are a year ago. The increase reflects in part the expectation that President Donald Trump and the Republican majority Congress will approve tax cuts that are meant to stimulate growth and could possibly increase the deficit.

Rates on long-term home loans typically track the yield on 10-year Treasury notes.

Freddie Mac said the rate on adjustable five-year mortgages blipped up to 3.20 percent from 3.17 percent.

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