WASHINGTON (AP) — Long-term U.S. mortgage rates rose this week but remain at levels low enough to boost home sales in the spring buying season.
Mortgage buyer Freddie Mac says the average 30-year fixed-rate mortgage edged up to 3.56 percent from a 52-week low of 3.54 percent last week. The rate is down from 4.02 percent a year ago.
The average rate on 15-year fixed rate mortgage also rose — to 2.83 percent from a 52-week low of 2.81 percent. A year ago, the 15-year rate stood at 3.21 percent.
“The low rates continue to be good news for the housing market,” said Sean Becketti, chief economist at Freddie Mac.
The National Association of Realtors reported Wednesday that sales of existing homes rose in May to the highest level since February 2007.