Mortgage rates rise after record five-week run

Rates on a 30-year mortgage rate rose to 5.12 percent

Rates on 30-year mortgages rose above 5 percent this week, ending a five-week run at record low levels, Freddie Mac reported Thursday.

Mortgage rates have been in decline since the Federal Reserve said in late November it would buy up to $500 billion in mortgage-backed securities to get banks to lend more money in hopes of bolstering the troubled U.S. housing market.

Freddie Mac reported Thursday that average rates on 30-year fixed mortgages rose to 5.12 percent this week from a record low of 4.96 percent established last week. At this time last year, the 30-year fixed rate mortgage averaged 5.48 percent. (read more here)