Mortgage Rates Inch Up Slightly

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Mortgage rates edged up this week but remain near historical lows.

The average rate for a 30-year fixed-rate mortgage was 3.26%, up from 3.23% last week but down from 4.10% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.

“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” says Sam Khater, chief economist for Freddie Mac, in a release. “Although purchase demand declined 35 percent year-over-year in mid-April, demand has improved modestly over the last three weeks.”

The average rate for a 15-year fixed-rate mortgage was 2.73%, down from 2.77% the previous week and down from 3.57% a year ago.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.17%, up from 3.14% the previous week and down from 3.63% a year ago.

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