Mortgage rates continued to inch higher this week, Freddie Mac reports in its weekly mortgage market survey. 

"Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago,” says Frank Nothaft, Freddie Mac’s chief economist. “While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks.”

The rates are also lower today than they were a year ago at this time. Freddie Mac reports the following national averages with mortgages rates for the week ending May 23: 

• 30-year fixed-rate mortgages: averaged 3.59 percent this week, with an average 0.7 point, rising from last week’s 3.51 percent average. A year ago at this time, 30-year rates averaged 3.78 percent. 
• 15-year fixed-rate mortgage: averaged 2.77 percent, with an average 0.7 point, increasing from last week’s 2.69 percent average. Last year at this time, 15-year rates averaged 3.04 percent. 
• 5-year adjustable-rate mortgages: averaged 2.63 percent, with an average 0.5 point, rising from last week’s 2.62 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent. 
• 1-year ARMs: averaged 2.55 percent, with an average 0.4 point, holding the same as last week’s average. A year ago, 1-year ARMs averaged 2.75 percent. 

Source: Freddie Mac

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