Mortgage rates increased for the first time in over a month, but the increase might be short-lived, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.91% for the week ending June 15, up from last week when it averaged 3.89%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.54%.
"The 30-year mortgage rate rose 2 basis points over the week. However, our survey was conducted before investors drove Treasury yields sharply lower in a reaction to the surprisingly weak CPI release. If that drop in yields sticks, mortgage rates are likely to follow in next week's survey," said Sean Becketti, chief economist at Freddie Mac.
The 15-year fixed-rate mortgage averaged 3.18%, up from last week when it averaged 3.16%. A year ago at this time, the 15-year averaged 2.81%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.15%, up from last week when it averaged 3.11%. At this time last year, it averaged 2.74%.