Mortgage rates back to near record lows

15-year mortgage rates now have an average interest rate of 3.11% which is down from last weeks mark of 3.21% and nearly a full percentage point lower than where the 15-year rate was at this point last year.  The 30 year mortgages fell as well to 3.88% which is just barely above the record low of 3.87% which was the rate in February this year.  These recent turn of events seem contrary to the idea that interest rates would slowly creep up as because of the rebounding jobs and housing markets.   However after the recent jobs report of March which showed a declining growth, the interest rates responded accordingly.

From a historical perspective as to where mortgage rates were before the housing bubble burst, in 2006, the 30 year mortgage rate was 6.07% which was even considered low at the time.  The 30-year rate fell a little more than 2% since the recession began and right now.

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