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Average long-term US mortgage rate rises modestly this week, holding just below 7%

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose modestly this week, holding below 7% as it has for much of this year. The average rate on a 30-year mortgage rose to 6.82% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.28%. Mortgage rates have been drifting higher and lower in recent weeks, often from one week to the next. The average rate is now at its lowest level in a couple of weeks. Many economists expect that mortgage rates will ease moderately this year. Current indications are mortgage rates will remain higher for a while longer.

Article Topic Follows: AP National

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