Mortgage Rates Tick Up Again

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Mortgage rates rose for the second straight week, according to Freddie Mac’s (OTCQB: FMCC) Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage averaged 6.53% as of May 28, up from last week when it averaged 6.51%, which marked a nine-month high. A year ago at this time, it averaged 6.89%.

The 15-year fixed-rate mortgage averaged 5.87%, up from last week when it averaged 5.85%. A year ago at this time, it averaged 6.03%.

Sam Khater, Freddie Mac’s chief economist, attempted to emphasize the positive by declaring, “Pending home sales have increased three months in a row, indicating there’s latent demand and homebuyers are ready to jump back into the market if mortgage rates decline.”