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Mortgage rates tick up

Mortgage rates inched up marginally over the week, Freddie Mac reported.

As of Thursday, the 30-year fixed rate averaged 4.86 percent, up one basis point from the previous week. A year ago, the rate averaged 3.94 percent.

“We expect rates to continue to rise, which will put downward pressure on homebuying activity,” Freddie Mac Chief Economist Sam Khater said. “While higher borrowing costs will keep some people out of the market, buyers with more flexibility could take advantage of the decreased competition,” Khater said.

The 15-year fixed rate rose three basis points to 4.29 percent, while five-year adjustable rate mortgages rose four basis points to 4.14 percent.


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