Interest rates on long-term mortgage loans rose to the highest point in six weeks on surprisingly positive economic reports in the latest week, according to data from mortgage financier Freddie Mac Thursday, yet the current rate remains well below historical averages.

“Interest rates for fixed-rate mortgages rose this week amid economic reports that were somewhat better than consensus forecasts had anticipated,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy slowed by 3.8 percent in the fourth quarter of 2008, less than the market consensus, with inflationary pressures held at bay. Meanwhile, personal incomes fell by only half as much as some market forecasters predicted.”

“Low mortgage rates and falling house prices have made housing the most affordable in 19 years,” Nothaft added. “The National Association of Realtor’s monthly affordability index rose to an all-time record high in December 2008 since records began in January 1971. As a result, pending existing home sales rose 6.3 percent in December 2008 and were up 2.1 percent from the previous December.”

The average rate on a 30-year fixed rate mortgage, excluding points increased to 5.25 percent during the week ended February 5, 2009, up from 5.10 percent the previous week.  One year ago, the average rate was 5.67 percent.

Rates on 15-year fixed rate loans also rose, climbing to 4.92 percent up from 4.80 percent the week before. Last year at this time, the average rate was 5.15 percent.

One-year Treasury indexed adjustable rate mortgages carried an average rate of 4.92 percent, up slightly form 4.90 percent a week earlier. During the same week of February 2007, the average rate was 5.03 percent.

Interest rates have fallen to all-time record lows during the past month, as economic indicators pointed to harder times ahead. While the newest reports are encouraging, even the current rise in rates does not take them out of the “very affordable” range, making refinancing and home buying a very attractive option right now.