Mortgage Rates Inch Up

They are still near record lows, which is why the number of refinance applications is high.

The federal government and the Federal Reserve are massively intervening to keep interest rates as low as possible to reduce foreclosures and support home prices.

For the past couple of months, the drastic decline of real estate prices has stabilized.

The record low on a 30-year fixed rate mortgage is 4.78 achieved this Spring.

Alan Zibel reports: Despite the government's effort to support the housing market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

The average rate on a 15-year fixed-rate mortgage rose to 4.37 percent, from 4.33 percent last week, according to Freddie Mac.