US average mortgage rates rises as pandemic, supply shortages linger

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 reports 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 that the U.S. economy slowed sharply to a 2% annual growth rate in the July-September period.