30-year-mortgage Rate Rises To Two-month High

The average rate for a 30-year fixed-rate mortgage rose to 3.85% in the week that ended May 14, reaching the highest rate in two months, rising from 3.80% in the prior week, according to a Thursday report from federally controlled mortgage-buyer Freddie Mac. "Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb," said Len Kiefer, Freddie's deputy chief economist. A year ago, the 30-year rate was at 4.20%. A record low of 3.31% for the 30-year mortgage was hit in November 2013. The average rate for the 15-year fixed-rate mortgage increased to 3.07% in the latest week from 3.02% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage ticked down to 2.89% from 2.90%. The rate for a 1-year Treasury-indexed ARM rose to 2.48% from 2.46%.