By Ruth Mantell
WASHINGTON (MarketWatch) -- The 30-year fixed-rate mortgage average rose to 3.40% in the week ending Jan. 10 -- reaching the highest level in eight weeks -- from 3.34% in the prior week, Freddie Mac said Thursday in its weekly report. The rate was 3.89% a year earlier, according to Freddie, a buyer of residential mortgages. Despite the recent rise, the latest rate remains near a record low of 3.31% that was set in November. "Fixed mortgage rates increased slightly following a positive employment report for December," said Frank Nothaft, chief economist. Meanwhile, the 15-year fixed-rate mortgage rose to 2.66% in the latest week from 2.64% in the prior week. The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell to 2.67% from 2.71%. The 1-year Treasury-indexed ARM rose to 2.60% from 2.57%.
