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Mortgage rates remain relatively stable

February 8, 2011 - Buyers looking to accelerate their moving plans and lock in low interest rates enjoyed a stable week for mortgage rates.

Freddie Mac reported mortgage rates across most loan types remained little changed during the week ending February 3. The average interest rate on 30-year fixed-rate mortgages climbed to 4.81 percent from 4.8 percent the week before, while 15-year fixed-rate loans dropped to 4.08 percent from 4.09 percent the previous week. Meanwhile, five-year adjustable-rate mortgages declined slightly to 3.69 percent from 3.7 percent, while one-year ARMs were unchanged at 3.26 percent.

"Mortgage rates held relatively stable this week on news that the economy improved and inflation remained in check at the end of 2010," explained Frank Nothaft, the group's vice president and chief economist, who added that recent economic growth and improving consumer spending could spur increased relocation activity.

Low rates add to the market's affordability, which is already at a record level, according to data from the National Association of Realtors. The trade group's affordability index was at its most favorable level since they began tracking the data in 1971.
 

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