US average mortgage rates rise slightly; 30-year at 2.98%

WASHINGTON (AP) — Mortgage rates rose slightly this week as new economic data underscores the recovering economy’s strength. Mortgage buyer Freddie Mac reported Thursday that the average 30-year rate ticked up to 2.98% from 2.97% last week. The rate for a 15-year loan rose to 2.31% from 2.29%. Mortgage rates are expected 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. Fed Chairman Jerome Powell made clear this week that the central bank isn’t even close to starting a pullback in its ultra-low interest rate policies