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Mortgage Rates Rose for Third Consecutive Week
Thursday, May 21, 2015 6:35 AM

Mortgage Rates Rose for thired week

Rates continue to hover around historic lows. Freddie Mac said a 30-year fixed-rate mortgage averaged 3.85 percent in the week ending May 14, up from 3.80 percent last week. Thirty-year rates hit a historic low of 3.31 percent in late-2012, but a year ago, 30-year mortgages were averaging 4.21 percent.

The average rate on a 15-year fixed-rate mortgage rose to 3.07 percent this week. up from 3.02 percent. A one-year adjustable-rate mortgage averaged 2.48 percent this week, up from 2.46 percent.

Pending sales of existing homes in March rose 1.1 percent, according to the National Association of Realtors.

The median price of an existing home nationwide was up 7.8 percent from a year earlier.

Source:  Freddie Mac and Cornerstone Research, 18 May 2015