Mortgage rates continued to “trend upwards this week amid a growing economy led in part by the recovering housing market,” says Frank Nothaft, Freddie Mac’s chief economist. 

The 30-year fixed-rate mortgage, the most popular choice among home buyers, rose above a 3.5 percent average for the first time since Sept. 13, 2012. 

Freddie Mac reports the following national averages for mortgage rates for the week ending Jan. 31.

• 30-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.7 point, rising from last week’s 3.42 percent average. A year ago at this time, 30-year rates averaged 3.87 percent. The all-time low for 30-year rates was recently set on Nov. 21, 2012, averaging 3.31 percent. 
• 15-year fixed-rate mortgages: averaged 2.81 percent, with an average 0.7 point, rising from last week’s 2.71 percent average. Last year at this time, 15-year rates averaged 3.14 percent. 
• 5-year adjustable-rate mortgages: averaged 2.70 percent, with an average 0.6 point, rising from last week’s 2.67 percent average. Last year at this time, 5-year ARMs averaged 2.80 percent. 
• 1-year ARMs: averaged 2.59 percent, with an average 0.5 point, rising from last week’s 2.57 percent average. A year ago, 1-year ARMs averaged 2.76 percent. 

Source: Freddie Mac