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Mortgage rates inch up for the week

Mortgage rates rose slightly off three-year low, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 3.56 percent, up two basis points. A year ago, the rate averaged 4.02 percent. Other rates also rose.

Freddie Mac’s Chief Economist Sean Becketti said mortgage rates have been slow to adjust to 10-year Treasury yields, which rose 12 basis points over the week. He also noted that home buyers appear to be capitalizing on low rates as the data released by the National Association of Realtors this week said that existing home sales hit a nine-year high in May.  


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