Although interest rates on consumer mortgages were higher on a monthly basis, a week-over-week reduction was recorded. Most industry economists see quarter-over-quarter increases ahead.

Thirty-year note rates on single-family loans closed during all of May averaged 4.84 percent, according to data reported by Ellie Mae Inc.

Mortgage rates were 5 basis points more than in the preceding month. During the same month last year, 30-year note rates averaged 4.33 percent.

Source: Mortgage Daily