Mortgage rates edged higher last week, the first increase after five weeks of declines.

The 30-year fixed-rate mortgage averaged 3.91% in the week ending June 15, up from 3.89%, Freddie Mac said Thursday.

The 15-year fixed-rate mortgage averaged 3.18%, up from 3.16%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.15%, up from 3.11%.

The survey was conducted before Wednesday’s weak CPI reading. Sean Becketti, chief economist of Freddie Mac, said if the decline in Treasury yields sticks, mortgage rates are likely to follow.

[Source”indianexpress”]