Due to higher treasury rates, last week the mortgage rates went up a bit. 10-year U.S. Treasury rates were up at 3.65 percent compared to 3.30 percent of the week earlier. Still the rates are quite low if we see them in long-term historic perspective.

These low interest rates are bringing back the home buyers. It the trend continues, the housing crisis might be near it’s end. Mortgage re-finance activity is also picking up pace as result of low interest rates.

According to to Mortgage Banker’s Association the Refinance index rose more than 17 percent from the weak earlier.

National Association of Realtors also reported that Pending Nome Sales index is also creeping up slowly for last 4 weeks.

30-year fixed rate mortgage were issued at an average rate of 5.34 percent. a slight increase over prior week’s 5.20 percent. The lowest levels of average mortgage rates were recorded at 4.84 percent on May 18th, 2009.

For 15-year fixed rate mortgage, the rate moved up to 4.80 percent. An insignificant increase over prior weeks rate of 4.72 percent

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