Conforming loan rates hit their highest levels in two months during the first week of May, according to the Freddie Mac Primary Mortgage Market Survey.

"Mortgage rates rose this week to the highest level since the week of March 12 as a selloff in German bunds helped drive U.S. Treasury yields above 2.2%," said Freddie Mac deputy chief economist Len Kiefer in a released statement.

Thirty-year fixed-rate mortgages rose 12 basis points from last week, to 3.8%. Rates were still down 41 basis points from last year. Fifteen-year fixed-rate mortgages averaged 3.02%, up eight points from last week and down 30 points from last year.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.9%, up five points from last week but down 15 from last year, while one-year Treasury-indexed adjustable-rate mortgages dipped three points, to 2.46%, from last week but up three points from the same time last year.

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