US long-term mortgage rates edge up, but stay under 3%
The average rate on the 15-year fixed-rate mortgage declined, however.
WASHINGTON (AP) — US average rates on long-term mortgages changed little this week, remaining at historically low levels that have sparked demand for homes.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan ticked up to 2.93 percent from 2.91 percent last week. By contrast, the rate averaged 3.49 percent a year ago.
The average rate on the 15-year fixed-rate mortgage declined, however, to 2.42 percent from 2.46 percent last week.
Housing demand continues as one of few bright spots in the pandemic-hobbled economy. Sales of new homes soared in July, rising nearly 14 percent as the market continued to gain traction following the spring downturn caused by pandemic-forced lockdowns.
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