US average mortgage rates rise; 30-year loan at 3%

WASHINGTON (AP) — Mortgage rates rose this week, pushing the benchmark 30-year home loan to the 3% mark for the first time since mid-April. Signs continued of the economy’s recovery from the pandemic recession and a burst of inflation rattled stock markets. Mortgage buyer Freddie Mac reports that the average for the benchmark 30-year home-loan rate increased to 3% from 2.94% last week. The rate for a 15-year loan rose to 2.29% from 2.26%. The spike in inflation caused stock markets to tumble this week because investors worry that higher prices will force the Federal Reserve to prematurely cut back on its efforts to stimulate growth.