Mortgage rates up slightly this week to a still-low 3.12%

National News

This is a home for sale in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. U.S. mortgage rates were mixed this week, Thursday, Nov. 24. The average rate on the benchmark 30-year, fixed rate home loan was unchanged from last week at 3.1%; a year ago, it stood at 2.72%. (AP Photo/Gene J. Puskar)

SILVER SPRING, Md. (AP) — The average interest rate on a long-term mortgage in the U.S. ticked up slightly this week, but remain historically low just as the Federal Reserve announced that it will begin tightening credit.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year, fixed-rate home loan was up this week to 3.12% from 3.10% last week.

On Wednesday, the Federal Reserve announced as expected that it would begin dialing back its monthly bond purchases. That could raise borrowing costs, but even with three rate increases next year, its benchmark rate would still be historically low, below 1%.

Sign up for the WTAJ Newsletter for the latest local news, weather, and community events that matter to you.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss