U.S. mortgage rates climb out of trough The front of the Fannie Mae building is seen in Washington on July 11, 2008. UPI Photo/Alexis C. Glenn. WASHINGTON, Feb. 23 (UPI) -- Average fixed mortgage interest rates for long-term contracts have climbed up from near-record lows, the Federal Home Loan Mortgage Corp. said Thursday. Rates for 30-year contracts rose from 3.87 percent to 3.95 percent with 0.8 point for the week. A year earlier, 30-year mortgage rates averaged 4.95 percent. The 15-year fixed rate in the week rose from 3.16 percent to 3.19 percent with 0.8 point. In the same week of 2011 the average rate for 15-year loans stood at 4.22 percent. Five-year adjustable rate mortgages averaged 2.8 percent for the week with an average 0.7 point, down from last week's rate of 2.82 percent. A year earlier, five-year adjustable rate contracts averaged 3.8 percent. One year Treasury-indexed adjustable mortgages rates also slid in the week, dropping from 2.84 percent to 2.73 percent with 0.6 point. Freddie Mac vice president and chief economist Frank Nothaft said mortgage rates are climbing as the housing market is showing signs of improvement. New data releases this week suggest the housing market is continuing to gradually improve. Loans that were seriously delinquent (90 days or more past due plus the foreclosure inventory) fell to 5.3 percent of prime mortgages at the end of 2011, representing the lowest quarterly share since the start of 2009," he said. In addition, new residential construction starts in January came in higher than expectations and existing home sales were "at the strongest pace in January since May 2010," Nothaft said.