Long-term interest rates on mortgages fell to the lowest level in over seven months. But next week’s report is likely to reflect much higher rates.

For the month of May, fixed interest rates on conforming 30-year loans to finance the purchase of single-family residence averaged 3.97 percent.

That turned out to be a nice improvement compared to the preceding month, when conforming long-term rates averaged 4.04 percent.

Source: Mortgage Daily