The average rate for a benchmark 30-year mortgage, which inched up 10 basis points (0.10 percentage points) two weeks ago, has effectively held at 2.87 percent, which is 4 basis points below its mark at the same time last year and within 21 basis points of its all-time low.
At the same time, the average rate for a 5-year adjustable rate mortgage has inched back down to 2.42 percent, which is 49 basis points lower than at the same time last year and within 2 basis points of its all-time low, and the average rate for a 15-year fixed-rate mortgage is hovering around 2.17 percent, which is within 7 basis points of its all-time low and 29 basis points lower than at the same time last year.
And despite the drop in rates, purchase mortgage loan activity in the U.S. remains depressed.
Comments from Plugged-In Readers