Following a sharp spike in early March, long-term mortgage rates have edged back down in recent weeks, and 30-year rates are now lower than the 7.08% March average. Despite the jump earlier this year, the defining trend since early 1997 has been toward lower long-term mortgage rates.
Suggested citation: "Housing Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-05, pp. 15-17, 05.01.1999.