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

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 at its lowest level in a couple of weeks. Many economists expect that mortgage rates will ease moderately this year. Current indications are mortgage rates will remain higher for a while longer.