Mortgage rates near record lows

The average interest rate on a 30-year benchmark mortgage, which was up 10 basis points (0.10 percentage points) two weeks ago, has effectively stayed at 2.87 percent, 4 basis points below its mark at the same time last year and within 21. is basis points of its all-time low.

At the same time, the average interest rate on a 5-year floating-rate mortgage has dropped back to 2.42 percent, 49 basis points lower than at the same time last year and only 2 basis points from its all-time low, and the average interest rate for a 15- year fixed-rate mortgage is up 2.17 percent, 7 basis points from its all-time low and 29 basis points lower than at the same point last year.

And despite the fall in interest rates, US mortgage loan activity remains depressed.

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