Mortgage rates tick up, still near record low

30-year fixed-rate mortgage averages 3.26% for the week ending May 7, vs. 3.23% in the prior week and 4.10% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” said Freddie Chief Economist Sam Khater.

While purchase demand fell  35% Y/Y in mid-April, it has "improved modestly over the last three weeks," he added.

15-year FRM averages 2.73% vs 2.77% in the prior week and 3.57% a year ago.

5-year Treasury-linked hybrid adjustable rate mortgage averages 3.17% vs. 3.14% in the prior week and 3.63% a year ago.