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US average 30-year mortgage rate back up over 3% this week

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SILVER SPRING, Md. (AP) — The average long-term U.S. mortgage rate rose this week, with the main 30-year rate inching back up over 3%.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark home loan jumped to a still-low 3.1% from 2.98% last week.

The housing market has been hamstrung by a lack of supply even before the pandemic broke in early 2020.

That lack of supply, along with materials and labor shortages, has pushed new and existing home prices up by more than 10% in the past year and as much as 33% in some areas in the West.

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