Thirty-year fixed mortgage rates rose for the third straight week, climbing to 3.62 percent, Freddie Mac reported Thursday. Last week, the 30-year fixed rate average was 3.59 percent. The rate remains below the 4.15 percent it was last year at this time.
The 15-year rate stood at 2.88 percent, up from 2.84 percent a week ago and below last year's 3.36 percent.
"The latest economic indicators point toward low inflation but gradually stronger economic activity which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates," said Freddie Mac chief economist Frank Nothaft. - Alan J. Heavens