US average mortgage rates rise; 30-year sat 3.14%

Business

WASHINGTON (AP) — Average long-term mortgage rate rose this week as inflation pressures, the coronavirus pandemic and some supply shortages linger.

Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage jumped to 3.14% from 3.09% last week. In contrast, the key rate stood at 2.81% this time last year.

The rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, increased to 2.37% from 2.33% last week.

The government reported Thursday that the U.S. economy slowed sharply to a 2% annual growth rate in the July-September period, the weakest quarterly expansion since the recovery from the pandemic recession began last year. Rising COVID-19 cases and supply shortages were cited as factors hampering growth.

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