Rates on 3-year fixed-rate loans averaged 15.10%, down from 15.66% the seven days before and up from 14.03% a year ago. Rates on 5-year fixed-rate loans averaged 18.85%, down from 19.63% the previous seven days and up from 17.71% a year ago.

Long-term mortgage rates rose for the fifth consecutive week, according to the Freddie Mac Primary Mortgage Survey. 30-year fixed-rate mortgages averaged 7.22% as of May 2, up from last week when they averaged 7.