US average long-term mortgage rates rise; 30-year at 3.22%

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose in the past week to start the new year. They reached their highest level since May 2020, at the height of the coronavirus pandemic, yet remained historically low. Mortgage buyer Freddie Mac reported that the average rate on the benchmark 30-year home loan increased to 3.22% this week from 3.11% last week. The average rate on 15-year, fixed-rate mortgages rose to 2.43% from 2.33%. Many economists expect mortgage rates to rise this year after the Federal Reserve announced last month that it would begin dialing back its monthly bond purchases to tame accelerating inflation.