BUSINESS

Average US rate on 30-year mortgage up third straight week

Staff Writer
Columbus CEO

WASHINGTON (AP) — Average long-term U.S. mortgage rates are up for the third straight week.

Mortgage giant Freddie Mac says the average rate on a 30-year fixed-rate mortgage rose to 3.85 percent this week from 3.80 percent a week earlier. The rate on 15-year fixed-rate mortgages rose to 3.07 percent from 3.02 percent. Both rates were the highest since mid-March.

Still, mortgage rates remain low by historic standards. A year ago, the 30-year rate was 4.20 percent and the 15-year was 3.29 percent.

The average rate on five-year adjustable-rate mortgages slipped to 2.89 percent this week from 2.90 percent. The rate on one-year ARMs averaged 2.48 percent, up from 2.46 percent last week.