Mortgage rates are close to record lows

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Average rate on a standard 30-year mortgage that increased by 10 basis points (0.10 percentage points) two weeks ago, actually held at 2.87 percent, which is 4 basis points below its level at the same time last year and within 21 basis points its record low

At the same time, the average rate on an adjustable rate mortgage for 5 years fell to 2.42 percent, which is 49 basis points lower than at the same time last year. within 2 basis points of historical lowand the average 15-year fixed-rate mortgage hovers around 2.17 percent, within 7 basis points of an all-time low and 29 basis points lower than at the same time last year.

And despite the drop in rates, US mortgage acquisition activity remains low



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