U.S. LONG-TERM MORTGAGE RATES RISE SLIGHTLY

U.S. long-term mortgage rates ticked up this week but remain at historic lows as the coronavirus pandemic continues to batter the economy even as more Americans get vaccinated.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan rose to 2.81% from last week’s 2.73%. One year ago, the rate was 3.49%.

The average rate on 15-year fixed-rate loans, popular among those seeking to refinance their mortgages, rose to 2.21% from to 2.19% last week. A year ago it was 2.99%.

The 5-year adjustable rate mortgage averaged 2.77%, down from last week’s 2.79%. It averaged 3.25% one year ago

While economists expect modest increases in homeloan rates this year, they likely will remain low with the Federal Reserve keeping interest rates near zero until the economy recovers.