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Although the added hiring was not enough to change the unemployment rate, jobs have been the crucial missing component to an economic expansion that has at last been gaining momentum. Economists said a factor in this increase were signs of an economic revival. Even with the recent gyration in mortgage rates, sales of new homes and previously owned ones are expected to new record highs this year of 1.05 million units and 5.89 million units, respectively.. 20 year mortgage rates are closely tied to activity in the bond market. Mortgage rates should rise only slightly next year, given the expected steady economic growth and very low inflation. That pushed bonds rates higher, causing long-term mortgage rates to rise. The 20 year mortgage rates benchmark would average between 6 and 6.25 percent for all of 2004.

However, the rates have fallen enough that the payments on a 15-year loan would be manageable. By refinancing your current 30-year loan into a 15-year one, you can build equity more quickly and slash your total interest bill. You may qualify if you have recovered from a financial problem and can afford the new payment amount.. This may help you catch up by reducing the monthly payments to a more affordable level. With 20 year mortgage rates you may be able to refinance the debt and/or extend the term of your mortgage loan. Previously, you may have not been able to afford the payments on a 15-year loan when rates were much higher, so you opted for a 30-year one. It is also a good idea to take out a 20 year mortgage rates if you are looking to shorten your loan term to save on interest rate costs.