U.S. mortgage applications fell for a fourth consecutive week, with overall demand plunging to its lowest level in nearly seven months, data from an industry group showed on Wednesday.

Home mortgage rates jumped in the most recent week, with the average 30-year fixed rate rising to 5.65%, according to a report released Thursday.

Home mortgage rates jumped in the most recent week, pulled higher by rising Treasury yields, according to a report released Thursday.

Mortgage rates remain near historic lows, but rates ticked up a bit this week, a move Freddie Mac links to the improving outlook for the U.S. economy.

The average rate on a 30-year fixed-rate mortgage rose to 4.84 percent this week, up from last week's 4.78 percent, which tied the lowest rate for a 30 year mortgage since Freddie Mac started keeping track in 1971. A year ago, 30 year fixed-rate mortgages averaged 6.05 percent.

Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of record low mortgage rates by refinancing their homes.