Mortgage Rates Hold Steady
Mortgage Rates Are Holding Mostly Steady
Rates have mostly stayed flat the past three weeks, offering buyers a pause to what had been steadily rising rates.
"The 30-year fixed mortgage fell two basis points to 4.17 percent this week,” says Sean Becketti, Freddie Mac’s chief economist. “Rates are at about the same level at which they started the year and have stayed within a two basis point range over the past three weeks. Mixed economic releases such as Friday's jobs report and uncertainty about the Administration's fiscal policies have contributed to the holding pattern in rates."
Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 9:
- 30-year fixed-rate mortgages: averaged 4.17 percent, with an average 0.4 point, dropping from last week’s 4.19 percent average. Last year at this time, 30-year rates averaged 3.65 percent.
- 15-year fixed-rate mortgages: averaged 3.39 percent, with an average 0.4 point, falling from last week’s 3.41 percent average. A year ago, 15-year rates averaged 2.95 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.21 percent, with an average 0.4 point, falling from last week’s 3.23 percent average. A year ago, 5-year ARMs averaged 2.83 percent.
Source: Freddie Mac