WASHINGTON – This week marks the third consecutive week of mortgage rate increases, which hasn’t happened since April of this year, according to Freddie Mac’s weekly survey. The 30-year fixed-rate mortgage rose .03 percentage points this week to end at 3.78%.

“That said, purchase activity continues to show strength, indicating obvious homebuyer demand,” Sam Khater, the chief economist for Freddie Mac said. “However, the lack of housing supply remains a major barrier to not just the housing market, but the overall economic recovery.”

The 15-year fixed-rate mortgage rose .01 points to 3.19%, and the 5/1 adjustable-rate mortgage rose .03 points to 3.43%.

In a year-to-year comparison, however, today’s mortgage rates remain notably lower. The ARM was .61 percentage points higher last year at this time, while both of the fixed-rate mortgages were over a full percentage point higher a year ago.

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Reprinted with permission Florida Realtors. All rights reserved.