WASHINGTON – Mortgage rates rose slightly this week after three weeks of declines as new economic data underscores the recovering economy's strength.
The benchmark 30-year home loan, however, remains below 3%. Mortgage buyer Freddie Mac reported Thursday that the average 30-year rate ticked up to 2.98% from 2.97% last week.
At this time last year, the long-term rate was 3.23%. The rate for a 15-year loan, popular among those seeking to refinance, rose to 2.31% from 2.29% last week.
Experts are expecting mortgage rates to increase modestly in the short term, while remaining at low levels in light of the Federal Reserve’s goal of keeping its key interest rate near zero until the economy recovers from the pandemic.