Mortgage rates creep back up

Economic uncertainty puts pressure on bonds

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Rates on 30-year fixed-rate mortgages climbed back toward 5 percent this week, following long-term bond yields up on uncertainty over the economy and massive government borrowing.

The 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending May 28, up from 4.82 percent last week, but well below the 6.08 percent average rate a year ago, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.