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The last week in March produced two changes in the 30 year mortgage rate. On Tuesday, the 22nd, interest rates increase to 4.72%, then on Friday, the 25th, the rates jumped to 4.95%. They are now higher then what borrowers were able to enjoy the last two years. However, according to Freddie Mac, recent 30 year mortgage rates as of February for 2021 were 2.81%; for the same period in 2020, 3.76%; for February, 2019, it was 4.37% and ten years earlier, February, 2009, 5.13%.
Actually, all of these rates stated are a bargain when comparing what borrowers faced in the 1990's, when 7% - 8% were not all that uncommon.