Mortgage rates creep up

The 30-year fixed-rate mortgage perks up to above 3%, averaging 3.01% in the week ending July 23, and its first increase in weeks, according to the Freddie Mac Primary Mortgage Market Survey.

Compares with 2.98% in the previous week and 3.75% at this time a year ago.

That's still near all-time lows. “While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop. In the short-term, this means the demand will continue on the back of near record low mortgage rates,” said Freddie Chief Economist Sam Khater.

Still, he points out that slower economic activity, as seen in the most recent consumer spending data, leads to worries that unemployment will remain elevated. Indeed, initial jobless claims unexpectedly rose this week.

15-year FRM averages 2.54% vs. 2.48% a week earlier and 3.18% a year ago.

5-year Treasury-linked hybrid adjustable rate mortgage averages 3.09% vs. 3.06% a week earlier and 3.47% a year ago.