Freddie Mac: Mortgage rates up from yearly lows

NEW YORK (AP) - Rates on 30-year fixed mortgages ticked up this week from the lowest level of the year.

Freddie Mac says the average rate rose to 4.79 percent, up from 4.78 percent last week. A year ago, the rate averaged 5.29 percent.

Rates dropped to a record low of 4.71 percent in December, pushed down by a Federal Reserve program that reduced borrowing costs for consumers. That campaign ended in March.

Rates have fallen further as investors, wary of European turmoil, shifted money into the safety of U.S. Treasury bonds. Mortgage rates tend to track Treasury yields.

The average rate on a 15-year fixed-rate mortgage hit a record low of 4.20 percent, down from 4.21 percent last week. The 15-year fixed-rate mortgage is a popular choice for refinancing.