WASHINGTON (AP) – Long-term U.S. mortgage rates rose this week for a third straight week yet remained near three-year lows as the home buying season progresses.
Mortgage buyer Freddie Mac says the average 30-year fixed-rate mortgage increased to 3.66 percent from 3.64 percent last week. That is well below its level a year ago of 3.87 percent.
The average rate on 15-year fixed-rate mortgages rose to 2.92 percent from 2.89 percent.
U.S. government bond prices have declined, raising long-term bond yields, in the past few weeks since the Federal Reserve indicated that an interest-rate increase is likely this month if the economy keeps improving.
Long-term bond yields tend to influence mortgage rates.