Mortgage rates rise for first time in 6 weeks

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Rates on 30-year fixed-rate mortgages averaged 3.42 percent with an average point of 0.7 percent for the week ending May 9, up from 3.35 percent last week. The increase was the first recorded in six weeks, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages and 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans also increased, while 1-year Treasury-indexed ARMs slipped. Source: Freddie Mac