RateAPY

Mortgage Rates May Be Increasing

Posted by: RateAPY Bank Rates News
February 6th, 2010

Mortgage rates increased .03% on average this week for a 30-year fixed, conforming home loan. According to the Freddie Mac Primary Mortgage Market Survey (PMMS), the average conforming 30-year fixed was 5.01% with 0.7% points. The trend since the start of 2010 has been that mortgage rates are steadily improving. Whether or not this is a new trend may take a few weeks to determine. Here is what mortgage rates on a 30-year fixed, conforming home loan have done so far this year:

• February 4, 2010–5.01% with 0.7% points
• January 28, 2010–4.98% with 0.6% points
• January 21, 2010–4.99% with 0.7% points
• January 14, 2010–5.06% with 0.7% points
• January 7, 2010–5.09% with 0.7% points

Now is still an excellent time to refinance an adjustable-rate home loan into a mortgage with a more stable 30-year fixed rate. Speak to a home loan specialist today.