Mortgage rates inch higher, still below 3%

• "Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough," Freddie Mac’s Chief Economist Sam Khater commented.

• 30-year fixed-rate mortgage averaged 2.99% for the week ending June 3, higher from 2.95% recorded in prior week and down from 3.18% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey.
• 15-year FRM averages 2.27% unchanged from prior week and 2.62% a year ago.
• 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.64%, up from 2.59% in prior week, and lower from 3.10% a year ago.