Mortgage rates for June 12, 2014

Mortgage rates inched up this week, but they remain attractive as more homebuyers and refinancers jump at the opportunity to grab a low rate. I'm Allison Ross with your weekly look at mortgage rates.

The benchmark 30-year fixed-rate mortgage rose to 4.34 percent from 4.32 percent last week.

The 15-year fixed-rate mortgage rose to 3.43 percent, up 2 basis points from last week. For jumbo mortgages, typically for amounts higher than $417,000, the 30-year fixed-rate rose to 4.41 percent from 4.35 percent.

The 5/1 adjustable-rate mortgage was also up, 6 basis points to 3.37 percent.

The volume of mortgage applications for purchases and refinances increased 10.3 percent last week compared with the previous week, according to the Mortgage Bankers Association.

Where rates head next depends partially on what the Fed says next week when the Federal Open Market Committee wraps up its two-day meeting on Wednesday.

The Fed is not expected to raise interest rates in the next meeting, but depending on how investors interpret the tone and the words in the Fed's statement, mortgage rates could be affected.

No matter which direction rates are headed and whether you're buying your first home or refinancing, you can always find the best rates using the free search engine on I'm Allison Ross.


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