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BankRate.com reports that the average interest rate on a 30-year fixed rate mortgage is down to 5.25%, close to an all-time low.But as Gilbert & Sullivan wrote, things are seldom what they seem ...
Driven by the subprime mortgage crisis of the late 2000s, the 30-year mortgage rate tumbled from about 8 percent at the start of the decade down to 5.4 percent by 2009.
The average interest rate for a 30-year home fixed-rate mortgage fell to 4.71 percent, according to the Freddie Mac's Primary Mortgage Market Survey, released December 3.
The average 30-year mortgage rate was 6.89% this week through Wednesday, down from 6.95% a week earlier. Fifteen-year mortgage rates fell to 6.05%, from 6.12%, according to Freddie Mac data .
Back then, the U.S. economy was emerging from an extended period of sluggish growth and very low inflation that followed the painful 2008-2009 Great Recession. Millions of households saved more and spent less after a borrowing binge earlier in the decade that drove up mortgage and credit card debt.
Most real estate experts back the theory that the recent recovery in home sales is primarily due to two factors: mortgage rates that have been hovering around all-time lows and the government's ...
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