RateAPY

Mortgage Rates Back Below 5% To Early February Levels

Posted by: RateAPY Bank Rates News
March 5th, 2010

After last Friday’s big jump up, mortgage rates relax back down to early February levels. The 30 year fixed conforming mortgage rate averaged 4.97% with 0.7% points this week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). Here is a recap of what the conforming 30 year fixed has done so far this year.

• 3/04/10 - 4.97% with 0.7% points
• 2/25/10 - 5.05% with 0.7% points
• 2/18/10 - 4.93% with 0.7% points
• 2/11/10 - 4.97% with 0.7% points
• 2/04/10 - 5.01% with 0.7% points
• 1/28/10 - 4.98% with 0.6% points
• 1/21/10 - 4.99% with 0.7% points
• 1/14/10 - 5.06% with 0.7% points
• 1/07/10 - 5.09% with 0.7% points

Mortgage Refinancing Considerations

Keep in mind that refinancing now is the best idea because the Federal Reserve stops purchasing mortgage backed securities (MBS) this month. Analysts believe that mortgage rates will climb quickly to about 6%. Check into refinancing today before mortgage rates go up.