Mortgage rates rise to 4.8 percent

Freddie Mac said the average rate on the 30-year fixed mortgage rose to 4.80 percent from 4.74 percent.

The rate on the 15-year fixed loan also edged up to 4.09 percent from 4.05 percen, The Associated Press reports.

 Mortgage rates rose for the second week in a row, riding higher bond yields.

Historically low mortgage rates last year did little to help the beleaguered market as sales of previously owned homes were the worst on record since 1997.

Learn more about: