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Mortgage rates rise but stay below 5 percent

Mortgage rates are still historically low.

Mortgage rates are still historically low.

A new report is indicating that mortgage rates are rising, but they're still historically low, signaling it still may be a good time to finance a home for people planning on moving.

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage edged up slightly to 4.91 percent from 4.87 percent last week. The 30-year FRM is down, however, compared to this time last year, when it averaged 5.07 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, said rates staying low for so long has been a good thing for homebuyers.

"They have remained below 5 percent for eight straight weeks now, helping to maintain affordability in the housing market," Nothaft said.

Even though rates have been reasonably priced, several potential homeowners have not been able to take advantage of them. Earlier this month, CNNMoney.com reported that as many as one in four people looking to get a loan are denied because lending restrictions have tightened so much. Making matters worse, many regulators have proposed increasing what buyers need to spend on a down payment for a property.