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Long-term US mortgage rate is up, but stays below 3 percent

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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.

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