Oct. 15 (Bloomberg) -- Mortgage rates for 30-year fixed U.S. home loans rose for the first time since August, ending a streak that helped boost home-loan applications and demand for housing.

The average 30-year rate climbed to 4.92 percent from 4.87 percent last week. The 15-year rate was 4.37 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement.

“It’s still a small move,” said Donald Rissmiller, chief economist at New York-based Strategas Research Partners LLC. “If you’re a policymaker, you’re still satisfied with rates in this area.”

Rising borrowing costs reduced mortgage applications last week from the highest in four months. The Mortgage Bankers Association’s index of applications to purchase a home or refinance fell 1.8 percent. Rising rates make it more expensive to buy a home and may threaten the signs of stabilization in the housing market.

The Federal Reserve set out last year to encourage lower mortgage rates by pledging to buy bonds backed by home loans. It increased the size of the program to $1.25 trillion in March.

The bond purchases from Fannie Mae, Freddie Mac and Ginnie Mae brought down yields on mortgage-backed securities and allowed lenders to reduce rates on new loans while still selling the securities backed by them at a profit. The plan helped drive mortgage rates to a record low of 4.78 percent twice in April.

Mortgage applications to buy a home fell 5 percent in the week ended Oct. 9 and the refinancing gauge decreased 0.1 percent, according to the Mortgage Bankers Association.

To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net.

Last Updated: October 15, 2009 10:24 EDT