After months of historically low interest rates, Freddie Mac released that the average 30-year mortgage rates rose slightly last week to 3.67 percent, up from 3.66 percent. The average 15-year mortgage rate rose from 2.93 percent to 2.94 percent. This time last year, the average 30-year mortgage rate was 4.27 percent and the 15-year rate was 3.33 percent.
The record low rate was in November and December of 2012, when the average 30-year rate reached 3.35 percent and the 15-year rate dropped to 2.66 percent. Rates remained low through the first quarter even though the Federal Reserve ended its monthly bond purchases last October, designed to maintain long-term rates. The Federal Reserve recently released that short-term rates will not rise any time soon after more than six years at zero.
Recent hiring gains have failed to create a stronger housing market. Home construction is down 2.5 percent from March 2014, according to the Commerce Department. Although the economy has experienced steady job growth, low mortgage rates and cheaper gas, the real estate market has yet to experience a significant boost.
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