U.S. long-term mortgage rates continued to edge higher this week as the benchmark 30-year loan stayed above the 3% mark. Rates remain near historic lows, however.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year fixed-rate home loan rose to 3.09% from 3.05% last week. By contrast, the benchmark rate stood at 3.65% a year ago.
The average rate on 15-year fixed-rate loans, popular among those seeking to refinance their mortgages, increased to 2.40% from 2.38% last week.
The prospect of massive pandemic aid, following Congress’ recent enactment of the nearly $2 trillion relief package, has helped lift uncertainty about the economic recovery and likely coaxed mortgage rates higher.