Mortgage rates mostly remained steady for the week, according to Freddie Mac’s weekly report on average mortgage rates.
The average 30-year fixed mortgage rate increased just slightly this week to 4.81 percent from 4.80 percent the week prior. Mortgage rates have been steadily inching upward since reaching a 40-year low in November of 4.17 percent. Meanwhile, 15-year rates dropped to 4.08 percent this week from 4.09 percent last week.
Five-year adjustable-rate mortgages also fell slightly to 3.69 percent from 3.7 percent last week.
Mortgage rates held relatively stable this week on news that the economy improved and inflation remained in check at the end of 2010,” says Frank Nothaft, chief economist at Freddie Mac.
Source: “Mortgage Rates Show Mixed Results This Week,” Freddie Mac (Feb. 3, 2011)