Mortgage rates are up two basis points over the previous week, but they are not increasing as fast as the benchmark 10-year Treasury yield.
The 30-year fixed-rate mortgage averaged 3.56% for the week ending June 23,
Typically, long-term mortgage rates move in tandem with the yield on the 10-year Treasury note.
"Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week," said Sean Becketti, chief economist at Freddie Mac.
The 15-year FRM averaged 2.83%, up from last week when it averaged 2.81%. A year ago at this time, the 15-year averaged 3.21%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.74%, unchanged from last week, while a year ago it averaged 2.98%.
"The low rates continue to be good news for the housing market, as existing home sales rose 1.8% to a 5.53 million seasonally adjusted annual rate in the month of May — the highest level since February 2007," Becketti added.
