Mortgage rates climbed higher this week as lenders on average offered a 30-year fixed loan at 3.80%, up from 3.76% last week, according to Freddie Mac’s weekly survey.
Rates have now increased for three straight weeks after hitting a bottom for the year in early February. The average rate on a 15-year fixed mortgage rose from 3.05% to 3.07% this week, the mortgage finance giant said Thursday.
Borrowing is still cheaper than this time last year, when the average rate on a 30-year fixed was 4.37%.
That drop-off has spurred another wave of refinancing as borrowers rush to lock in a low-cost loan.
Freddie Mac's survey asks lenders each week about the terms they offer low-risk borrowers on loans up to $417,000.
Actual rates are influenced by many factors, including a borrower's debt load and credit history.
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