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.
Long-term mortgage rates are rising along with the yield on 10-year Treasury notes, which is up to 2.24 percent from less than 1.9 percent in mid-April. The higher rates reflect some signs of improvement in the U.S. economy. The unemployment rate tumbled last month to 5.4 percent, lowest since May 2008.