Although there was a month-over-month increase in residential interest rates, more recently the was a week-over-week decline in average mortgage rates.

During May, prospective borrowers on loans used to finance a home purchase were offered an average 30-year fixed rate of 5.02 percent, rising 10 basis points from the preceding month.

But annual percentage rates offered to borrowers who had the best credit profiles last month on purchase-money financing averaged just 4.35 percent, up 9 BPS from April.

Source: Mortgage Daily