Mortgage rates rising

Mortgage rates continued an upward trend this week. The average rate on a 30-year fixed-rate mortgage rose above 3.5 percent for the first time in four and a half months.

Freddie Mac said a 30-year fix averaged 3.52 percent in the week ending Jan. 31, up from 3.42 percent the previous week. A 15-year fix averaged 2.81 percent, up from 2.71 percent.

A one-year adjustable-rate mortgage rose to 2.59 percent from 2.57 percent.

Meanwhile, reports on the housing market continue to point to gains.

The…