30-year loans’ rates rise above 3 percent

U.S. long-term mortgage rates were steady to higher this week, as the benchmark 30-year loan breached the 3 percent mark for

the first time since July 2020.

Rates remain near historic lows as the economy strains toward recovery in the pandemic’s wake.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year fixed-rate home loan rose to 3.02 percent from 2.97 percent last week. By contrast, the benchmark rate stood at 3.29 percent a year ago.

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.