Mortgage rates climb for first time in eight weeks

Rates for 15-year fixed mortgages averaged 3.76 percent this week, a hike of .21 percent from the previous week's average of 3.57 percent.

The average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages was 3.40 percent, compared to 3.25 percent the previous week. The one-year ARM average rate was 3.26 percent, unchanged from the previous week.

The slight increase in mortgage rates could be just one sign of some growing confidence in the housing market. Even though new construction on single-family homes slid 1.1 percent last month, homebuilder confidence was up in November to its strongest level since June, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

However, the housing market still has a long way to go, as the average rates for every type of mortgage still lagged well behind average rates seen at the same time last year.