Despite the increase, mortgage rates remain low by historical standards. And recent reports suggest the jump in rates has yet to sap the housing recovery's momentum.
In July, previously occupied homes in the U.S. sold at the fastest pace since 2009. Sales jumped 6.5 percent last month to a seasonally adjusted annual rate of 5.4 million, the National Association of Realtors reported Wednesday. Over the past 12 months, sales have surged 17.2 percent.
Last week, the National Association of Home Builders said its measure of confidence among builders rose this month to its highest level in nearly eight years.
Mortgage rates are rising because they tend to follow the yield on the 10-year Treasury note. The yield has also surged on speculation that the Fed's stimulus will slow. It rose to 2.90 percent Thursday morning, its highest level in two years.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage rose to 0.8 point from 0.7 point. The fee for a 15-year loan increased to 0.7 point from 0.6 point.
The average rate on a one-year adjustable-rate mortgage was unchanged at 2.67 percent. The fee edged up to 0.5 point from 0.4 point.
The average rate on a five-year adjustable mortgage declined to 3.21 percent from 3.23 percent. The fee held at 0.5 point.