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Mortgage rates rise slightly. 30-year at 2.9%

U.S. average mortgage rates rose last week.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan edged up to 2.9% from 2.87% last week. By contrast, the rate averaged 3.64% a year ago.

The average rate on the 15-year fixed-rate mortgage rose to 2.4% from 2.35% from last week.

Housing demand continues as one of few bright spots in the pandemic-hobbled economy. And rates rose with hopes for further and broader economic improvement.

For example, gross domestic product is expected to rebound at as much as a record 32% annualized rate in the third quarter after tumbling at a 31.7% rate in the April-June period. That was the worst performance since the government started keeping records in 1947.

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