Mortgage rates rise in mid-May, but remains near record lows

Homes for sale in Los Angeles could continue to see multiple offers, as mortgage rates have remained near all-time lows despite rising in two consecutive weeks. 

According to Freddie Mac's latest Primary Mortgage Market Survey, both 15- and 30-year fixed-rate mortgages inched up for the second straight time in the week ending May 16, but were still well below averages seen a year ago at this time. 

Fifteen-year loans averaged 2.69 percent, up from 2.61 percent in the previous week, but below the average of 3.04 percent a year ago. Meanwhile, 30-year loans rose from 3.42 percent to 3.51 percent, the report said.