US long-term mortgage rates rise; 30-year average at 2.97%

WASHINGTON (AP) — U.S. long-term mortgage rates rose this week, but remain near historic lows. The uptick comes as the pandemic-hobbled economy strains toward recovery with more Americans getting vaccinated against the coronavirus. Mortgage buyer Freddie Mac reports that the average rate on the benchmark 30-year fixed-rate home loan increased to 2.97%  from 2.81% last week. The average rate on 15-year fixed-rate loans rose to 2.34% from 2.21% last week. While economists expect modest increases in home-loan rates this year, they likely will remain low while the Federal Reserve keeps interest rates near zero until the economy recovers. The record-low lending rates have helped push buyers into the housing market.