30-year-mortgage Rate Rises To 3.87%

The average rate for a 30-year fixed-rate mortgage rose to 3.87% in the week that ended May 28 -- the highest rate since the end of 2014 -- from 3.84% in the prior week, according to a Thursday report from federally controlled mortgage-buyer Freddie Mac. Rates rose "following positive housing market data," said Len Kiefer, Freddie's deputy chief economist. A year ago, the 30-year rate was at 4.12%. A record low of 3.31% for the 30-year mortgage was hit in November 2012. The average rate for the 15-year fixed-rate mortgage increased to 3.11% in the latest week from 3.05% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage rose to 2.90% from 2.88%. The rate for a 1-year Treasury-indexed ARM inched down to 2.50% from 2.51%.