WASHINGTON – Long-term mortgage rates rose slightly this week, continuing to hover near all-time lows amid anxiety over the economy and housing market gut-punched by the shutdown spurred by the coronavirus pandemic.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year home loan edged up to 3.33% this week from 3.31% last week.
A year ago the rate stood at 4.20%. The average rate on the 15-year fixed-rate mortgage rose to 2.86% from 2.80% last week. Demand from prospective homebuyers has weakened amid economic anxiety, and the housing market has been upended by the pandemic just as it was entering the busy spring season.