Having inched down 5 basis points last week, the average rate for a benchmark 30-year mortgage has since dropped another 9 basis points to 3.04 percent, which is 27 basis points below its mark at the same time last year and within 40 basis points of its all-time low.

At the same time, the average rate for a 15-year fixed mortgage has shed another 7 basis points to 2.35 percent, which is 45 basis points below its mark at the same time last year, and the average rate for a 5-year adjustable has dropped another 12 basis points to 2.80 percent, which is 54 basis points below its mark at the same time last year.

And once again, while the nominal increase in rates from an all-time low continues to slow the pace of home sales and mortgage application volumes, keep in mind that the current 30-year rate is still around half the prevailing rate on offer over the past 30 years and over 20 percent cheaper than the average rate on offer over the past decade alone.

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