According to mortgage giant Freddie Mac, rates on a 30-year fixed rate mortgage inched up from record lows last week to 3.39% this week.

Last month the Federal Reserve began buying mortgage bonds in an effort to encourage more borrowing, as well as more spending. The Fed stated that they will continue to purchase bonds until the job market shows improvement.

Although home sales are up from last year and home prices continue to rise, the housing market still has a long way to go to full recovery. The stricter lending rules, as well as the required large down payment, are keeping potential home buyers on the sidelines.

Freddie Mac surveys lenders across the country on Monday through Wednesday of each week, to determine average rates.

The average does not include extra fees, also known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.