AP Economics Writer
WASHINGTON (AP) — Long-term U.S. mortgage rates edged up this week as the benchmark 30-year rate bounced back from a seven-month low.
The mortgage buyer Freddie Mac said Thursday that the average 30-year, fixed-rate mortgage rose to 3.91 this week from 3.89 percent last week. The rate stood at 3.54 percent a year ago and averaged a record low 3.65 percent in 2016.
The rate on the 15-year mortgage rose to 3.18 percent from 3.16 percent.
Sean Becketti, Freddie Mac chief economist, said this week’s higher rates might not last. Freddie Mac surveyed mortgage lenders before the government reported Wednesday that U.S. consumer prices had fallen in May, causing a drop in the yield on 10-year Treasury notes, which often influences mortgage rates.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fees on 30-year and on 15-year mortgages were both unchanged at 0.5 point.
Rates adjustable five-year loans rose to 3.15 percent from 3.11 percent last week. The fee was unchanged at 0.5 point.