Mortgage rates tick up to 2.9%, remain at historic lows

SILVER SPRING, Md. (AP) — U.S. average rates on long-term mortgages rose slightly this week but remain at historically low levels. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan edged up to 2.90% from 2.87% last week. One year ago, the rate averaged 3.64%. The average rate on the 15-year fixed-rate mortgage rose to 2.40%. Low interest rates have made demand for housing even stronger, but supply remains scarce, pushing prices higher. Economists worry that rising home prices could take buyers out of the market, especially those seeking to own a home for the first time.