Friday Rate Update

Mortgage Rates Edge Up 

The rate for a 30-year fixed-rate mortgage averaged 3.45 percent this week, up from the previous week’s 3.42 percent, Freddie Mac said yesterday. At this time last year, the 30-year FRM rate averaged 4.04 percent. 

This week’s 15-year FRM averaged 2.75 percent, up from 2.72 percent last week. A year ago, the 15-year FRM averaged 3.21 percent.

---ABA Daily Newsbytes