US mortgage rates climb this week; 30-year loan at 3.65%

Business

FILE – This June 13, 2019, file photo shows a new home is for sale in Mechanicsville, Va. On Thursday, March 12, 2020, U.S. long-term mortgage rates were mixed this week after hitting all-time lows last week amid anxiety over risks to the economy from the deepening coronavirus crisis. (AP Photo/Steve Helber, File)

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WASHINGTON (AP) — U.S. long-term mortgage rates climbed this week in a whip-sawing market amid deepening anxiety over devastation to the economy from the coronavirus pandemic.

Home loan rates had hit all-time lows two weeks ago. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year loan jumped to 3.65% this week from 3.36% last week.

Freddie Mac said the short-term rise was due to mortgage lenders increasing prices to deal with booming demand for refinancing into loans at historically low rates.

The average rate on the 15-year fixed-rate mortgage rose to 3.06% from 2.77%.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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