Average long-term US mortgage rate rises modestly this week, holding just below 7%

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose modestly this week, holding below 7% as it has for much of this year. The average rate on a 30-year mortgage rose to 6.82% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.28%. Mortgage rates have been drifting higher and lower in recent weeks, often from one week to the next. The average rate is now just below where it was two weeks ago. Many economists expect that mortgage rates will ease moderately this year. Current indications are mortgage rates will remain higher for a while longer.