Smal Hike in Mortgage Rates

Mortgage rates rose for a second week as Treasury yields climbed, a move that does not bode well for the hard-hit housing market.
Interest rates on 30-year fixed-rate mortgages averaged 5.25% this week, up from last week's 5.20%, according to a survey by home funding company Freddie Mac.
The mortgage rate was significantly higher than the record low 4.78% set the week ended April 2. Freddie Mac started the Primary Mortgage Market Survey in 1971.
Mortgage rates remained above 5% for a ninth week. Experts say rates at 5% and below are needed to make a significant impact on home loan demand.
Treasury yields, which influence mortgage rates, have risen recently, with mortgage rates responding in kind.