Last week Freddie Mac released the Primary Mortgage Market Survey (PMMS) for the mortgage rate resultsending on May 14, 2015.

The average rate for a 30 year fixed rate mortgage inched up last week to 3.85% from 3.80% from the week before, according to mortgage giant Freddie Mac.

15-year fixed rate mortgage averaged 3.07% this week, up from last week when it averaged 3.02%.

These rates are extremely low and should not deter any potential home buyer from purchasing their dream home.

Mortgage rates tend to follow long term Treasury yields; therefore, the rates have started to rise as 10 year Treasury yields continue to climb. The Treasury yields are creeping updue to rising energy prices and growing expectations that inflation will rise. According to Gemma-Wright-Casparius a senior portfolio manager in the fixed income group forVanguard, "We've begun to price a little more inflation into the market,'' she says "That's largely being driven by the rise in energy prices.''

Freddie Mac collects mortgage rates from lenders across the nation, weekly Monday through Wednesday. The rates do not include add-on fees, also known as points. One pointis the equivalent of 1% of the total loan amount.