
The average rate on the benchmark 30-year fixed-rate home loan rose to 2.79% this week from a record low of 2.65% last week.,Long-term bond yields, which can influence interest rates on mortgages and other consumer loans, are climbing this month amid expectations of higher U.S. government spending on pandemic relief and an economy recovery as more people get vaccinated for COVID-19.,The average rate on the benchmark 30-year fixed-rate home loan rose to 2.79% this week from a record low of 2.65% last week, according to mortgage buyer Freddie Mac.,McBride forecasts that the average rate on a 30-year mortgage will rise to 3.1% by the end of the year.,Of course, rising mortgage rates diminish homebuyers’ buying power, especially as home prices continue to rise.