Mortgage rates climbed higher this week, as lenders, on average, offered a 30-year fixed loan at 3.80 percent, up from 3.76 percent 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 percent to 3.07 percent 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 percent.
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.