After several weeks of declines, U.S. mortgage rates have inched up, according to Freddie Mac.

The average 30-year fixed mortgage averaged 3.59 percent for the week ending April 21, up a hair from 3.58 percent the previous week.

The 30-year rate remains near its 2016 low point, which should benefit the spring home-buying season.

A year ago, mortgage rates stood at 3.65 percent.

“Volatility in financial markets subsided over the past week, allowing Treasury yields to stabilize,” said Sean Becketti, chief economist for Freddie Mac. “As a result, the 30-year mortgage rate was mostly flat, up only 1 basis point to 3.59 percent. The release of March’s existing-home sales report, which shows monthly growth at 5.1 percent, suggests home buyers are taking advantage of low mortgage rates as the spring home buying season gets underway.”

The historic low for 30-year rates was 3.31 percent in November 2012.

Source: SFBJ