By Marcy Gordon, Associated Press
WASHINGTON – May 24, 2013 – Average rates on fixed mortgages rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery.
Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan increased to 3.59 percent this week. That’s up from 3.51 percent last week. And it is above the rate of 3.31 percent reached in November, the lowest on records dating to 1971.
The average on the 15-year loan jumped to 2.77 percent. That’s up from 2.69 percent last week. The record low of 2.56 percent was hit on May 2. (more…)