Consumer Daily mortgage rate portal shows near-record low mortgage rates

mortgage rateMortgage rate portal Consumer Daily’s data revealed that the 30-year mortgage rate has almost reached a historic low, which could boost the housing recovery.

Consumer Daily provides homebuyers with data on mortgage rates and lenders and banks that cannot be located on a single website. The site, which is the only portal that allows users to compare car insurance and mortgage refinance rates, allows consumers to input their ZIP code, estimated home value and how much they owe on their homes to potentially reduce their mortgage payments.

Mortgage giant Freddie Mac said on Thursday the average rate for a 30-year fixed mortgage decreased to 3.43 percent from 3.54 percent last week. The average rate on a 15-year fixed mortgage fell to 2.65 percent from 2.74 percent. Both rates reached record lows in November, Associated Press reports.

Low mortgage rates have helped boost the housing recovery following the collapse of the market in 2007. Home sales and home construction has risen in recent years, and more American consumers have secured refinancing. In February, home sales reached their highest level in three years.

Mortgage rates have remained low because they correspond to the yield on the 10-year U.S. Treasury note, which has fallen in recent weeks after a weak jobs report last month pushed investors towards U.S. Treasury bonds. As of Thursday, the yield had risen to 1.79 percent, though the figure is still low by historical standards, according to Associated Press.

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