In recent weeks, U.S. mortgage rates have fallen across the board, causing the housing market to experience a modest improvement.
About a month ago, the rate on the 30-year note fell to 3.49%â€” its lowest point since long-term mortgages began 60 years ago. The rate saw an incline since that point, climbing as high as 3.66%. It made another sharp decline to 3.59% last week.
The average on the 15-year fixed mortgage fell to 2.86%, down from 2.89% a week prior. The record low on the 15-year fixed mortgage hit 2.80% five weeks ago.