US mortgage rates up after 6-week decline; 30-year at 2.87%

WASHINGTON (AP) — Mortgage rates rose this week for the first time after six weeks of declines amid signs of strong economic recovery. Average rates for home loans remain historically low, however, at under 3%. Mortgage buyer Freddie Mac reports that the average for the 30-year mortgage jumped to 2.87% from 2.77% last week. The rate for a 15-year loan increased to 2.15% from 2.10%. Last Friday the government reported that U.S employers added 943,000 jobs in July and drove the unemployment rate down to 5.4%. That was another sign that the economy is bouncing back with surprising vigor from COVID-19.