Mortgage rates are inching higher

WASHINGTON (AP) - Long-term U.S. mortgage rates edged up this week as the benchmark 30-year rate bounced back from a seven-month low.

Mortgage buyer Freddie Mac says the average 30-year, fixed-rate mortgage rose to 3.91 this week from 3.89 percent last week. The rate stood at 3.54 percent a year ago and averaged a record low 3.65 percent in 2016.

The rate on the 15-year mortgage rose to 3.18 percent from 3.16 percent.

Freddie Mac chief economist Sean Becketti said this week's higher rates might not last. Freddie Mac surveyed mortgage lenders before the government reported Wednesday that U.S. consumer prices fell in May, causing a drop in the yield on 10-year Treasury notes, which often influences mortgage rates.

Rates on adjustable five-year loans rose to 3.15 percent from 3.11 percent last week.

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