RateAPY

Mortgage Rates Below 5% For Four Straight Weeks!

Posted by: RateAPY Bank Rates News
March 26th, 2010

Each week Freddie Mac publishes its Primary Mortgage Market Survey (PMMS). The survey polls mortgage lenders nationwide and calculates an average mortgage rate for 30-year fixed, 15-year fixed, 5/1 ARM, and 1-year ARM products.

Mortgage Rates Rising, But Still Surprisingly Low

Here is where mortgage rates for a conforming 30-year fixed have been for the last four weeks. Amazingly, they are still below 5%:

• March 25, 2010–4.99% with 0.6% points
• March 18, 2010–4.96% with 0.7% points
• March 11, 2010–4.95% with 0.7% points
• March 04, 2010–4.97% with 0.7% points

Last year at this time the average 30-year fixed conforming mortgage rate was 4.85%. Year-over-year that is a .14% increase in mortgage rates.

The consensus among economists is that mortgage rates will go up this year. Contact a mortgage lender for a current rate quote today.