Average mortgage rates rise to 4.37 percent

WASHINGTON - Rates on 30-year mortgages climbed for the second straight week, but remain near the lowest level in decades.

Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.37 percent. That's up from 4.35 percent a week earlier and 4.32 percent the previous week, which was the lowest level on records dating back to 1971.

The average rate on 15-year fixed loans dropped to 3.82 percent.

That was the lowest on records dating back to 1991 and was down from 3.83 percent last week.

Rates have been at or near the lowest level in decades since spring as investors sought the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yield.