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Mortgage rates edge up

Mortgage rates have edged up slightly off near historic lows, Freddie Mac reported.

The 30-year fixed rate rose to 3.48 percent, up three basis points. A year ago, the rate averaged 3.98 percent. The 15-year fixed rate also rose, while the average rate for five-year adjustable rate mortgages was unchanged, Freddie reported.

Freddie Mac’s Chief Economist Sean Becketti said Treasury yields  were flat in the lead up to the Federal Reserve’s July policy meeting. Following the two-day meeting that concluded on Wednesday, the Fed decided to leave the federal funds rate unchanged.  


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