Mortgage Rates Inch Up from Record Lows

30 yr at 4.23% with 15 yr at 3.66%

Mortgage rates were up slightly this week but still near record lows.

Rates have been on a steady decline since April as investors have been pouring money into treasury bonds. The demand on the bonds lowers their yield and mortgage rates tend to following the yield down.

The low mortgage rates have helped the refinance market but have done little to spark the purchase market.

Rates on five-year adjustable-rate mortgages averaged 3.41%, up from 3.45% a week earlier. Rates on one-year adjustable-rate mortgages remained at an average of 3.3%.