RateAPY

Mortgage Rates Are Down for the Fourth Straight Week

Posted by: RateAPY Bank Rates News
January 29th, 2010

Refinancing just keeps getting better and better! Mortgage rates are down again, making it four consecutive weeks of improvement. Mortgage rates for a 30-year fixed, comforming home loan have stayed below 5% for the second straight week.

According to the Freddie Mac Primary Mortgage Market Survey (PMMS), the following are the rates so far this year for a conforming 30-year fixed home loan:

• January 7, 2010–5.09% with 0.6% points
• January 14, 2010–5.06% with 0.7% points
• January 21, 2010–4.99% with 0.7% points
• January 28, 2010–4.98% with 0.7% points

You should consider refinancing now while rates are still low. Upcoming government policy changes, such as the discontinuation of the mortgage-backed securities purchase program in March, may cause mortgage rates to rise. Some analysts believe they may go as high as 6%. Compare mortgage rates here.