US mortgage rates rise over 3%; 30-year at 3.02%

WASHINGTON (AP) — Mortgage rates rose above the 3% mark this week for the first time in 10 weeks, as the economic recovery from the pandemic recession continues and inflation remains elevated. Mortgage buyer Freddie Mac reported that the average for the key 30-year home loan rose to 3.02% from 2.93% last week. The rate for a 15-year loan jumped to 2.34% from 2.24% last week. A government report Friday showed that consumer spending was flat in May but inflation posted a sizable gain, with prices excluding food and energy jumping by the largest amount in nearly three decades.