Friday Rate Update

Mortgage Rates Climb

The rate for a 30-year fixed-rate mortgage averaged 3.54 percent this week, up from the previous week's 3.47 percent rate, Freddie Mac said yesterday. At this time last year, the 30-year FRM rate averaged 3.87 percent.

This week's 15-year FRM averaged 2.84 percent, up from last week's 2.78 percent rate. A year ago, the 15-year FRM averaged 3.09 percent. 

---ABA Daily Newbytes