WASHINGTON, May 28 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages increased in the week ending May 28, the Federal Home Loan Mortgage Corp. said Thursday.
The 30-year, fixed-rate mortgage averaged 4.91 percent with an average 0.7 points in the week, Freddie Mac said.
A week ago, 30-year, fixed-rate mortgages averaged 4.82 percent. A year ago, 30-year interest rates were 6.08 percent for fixed-rate loans.
At 4.53 percent with an average 0.7 points, the 15-year, fixed-rate average also rose. A week ago, interest rates for 15-year fixed-rate loans averaged 4.5 percent. A year ago, 15-year fixed-rate mortgages averaged 5.66 percent, the report said.
Although interest rates remain low, "housing continues to be a drag on the economy," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Although single-family existing home sales rose 2.5 percent in April, inventories of homes for sale also rose to 9.6 months from 9.0 in March," Nothaft said.
