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Source:Time — 

Looking at today’s mortgage rates a number of rates inched up. The averages for both 30-year fixed and 15-year fixed mortgages both saw an increase. At the same time, average rates for 5/1 adjustable-rate mortgages (ARM) also had an upswing.

The average mortgage rates are as follows:

What this means for borrowers:
Qualified borrowers continue to have access to low mortgage interest rates. But for many buyers, getting a good rate isn’t making it any easier to find a home. Exceptionally low inventory has led to a rise in bidding wars and pushed home prices higher at a rapid pace. So if you’re shopping for a home, be prepared to move quickly as the few homes on the market are moving fast.