Freddie Mac

US average 30-year mortgage rate edges up to 4.16 percent

Long-term U.S. mortgage rates rose slightly this week, continuing a holding pattern that has prevailed this month.

Mortgage buyer Freddie Mac said Thursday that the rate on 30-year, fixed-rate loans edged up to 4.16 percent from 4.15 percent last week. The benchmark rate stood at 3.62 percent a year ago and averaged 3.65 percent through 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages rose to 3.37 percent from 3.35 percent last week.

Mortgage rates surged in the weeks following President Donald Trump's election in November. Investors bid rates higher because they expect Trump's plans to cut taxes and increase spending on roads, bridges...