WASHINGTON (AP) — US average rates on long-term mortgages rose this week but remained at historically low levels. The key 30-year loan stayed below 3 percent.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan increased to 2.96% from 2.88% last week. By contrast, the rate averaged 3.6 percent a year ago.
The average rate on the 15-year fixed-rate mortgage rose to 2.46 percent from 2.44 percent from last week.
Home-buying demand continues as one of few bright spots in the pandemic-struck economy, especially for prospective buyers considering a first-time purchase, Freddie Mac noted. Still the lack of available homes remains an obstacle.