As the housing market gained momentum at the end of 2011, Freddie Mac's Primary Mortgage Market Survey indicated that mortgage rates rebounded during the week ending January 26.

According to the survey, the rate for a 30-year fixed-rate mortgage averaged 3.98 percent, increasing from 3.88 percent the previous week. However, despite the notable rise, the rate during the same time last year averaged 4.8 percent.

Meanwhile, the average rate for a 15-year FRM edged higher to 3.24 percent. The rate the previous week was 3.17 percent, while a year ago it averaged 4.09 percent.

"Fixed mortgage rates ticked up this week as the housing market ended 2011 on a high note," said Freddie Mac vice president and chief economist Frank Nothaft.

Additional reports from brokers and lenders indicating improvements in the construction of single-family homes, existing home sales and pending home sales are all believed to have had an influence on the rising mortgage rates.

The report also found that average rates for 5- and 1-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.85 and 2.74 percent, respectively, as they continue to give borrowers additional closing solutions.