U.S. average rates on long-term mortgages rose this week though they remain at historically low levels. The key 30-year loan nudged toward 3%.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan increased to 2.99% from 2.96% last week. By contrast, the rate averaged 3.55% a year ago.
The average rate on the 15-year fixed-rate mortgage rose to 2.54% from 2.46% from last week.
Homebuying demand continues as one of few bright spots in the pandemic-struck economy, especially for prospective buyers considering a first-time purchase. The government reported Tuesday that construction of new homes surged 22.6% in July as homebuilders bounced back from a lull induced by the coronavirus pandemic.
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