Long-term mortgages in the U.S. rose this week while remaining at a historic low three percent.
According to the Associated Press, Mortgage buyer Freddie Mac reported today that 30-year home loans increase to 2.96% up from 2.88% last week.
The average 15-year fixed-rate mortgage also climbed this week to 2.46% up from last week’s 2.44%.
Experts say homebuying demand, especially for first-time home buyers, continues to rise despite the economic down-turn driven by the COVID-19 pandemic according to Feddie Mac.
This comes as the number of unemployment claims fell to below one million new claims and the pandemic continues to force lay-offs acros the country.