February Ends with Interest Rates Down….just a bit!

The rate for 30-year fixed rate mortgages ended the month at an average of 6.26 percent, down slightly from the week before average of 6.28 percent. A year earlier, the average was 5.69 percent. In terms of the difference in payments every 1,000 you borrow would cost $0.13 less at 6.26 percent than at 6.28%. That is “just a bit!”

The average for 15-year fixed loans slipped, too. But almost not even a bit. It was 5.91 percent vs. 5.92 percent the week before. A year ago, the 15-year rate was 5.22 percent.

Five-year adjustable-rate mortgages averaged 5.96 percent, up a basis point from the week before. But the average on one-year ARMs dipped from 5.36 percent to 5.32 percent.
According to Freddie Mac’s chief economist, Frank Nothaft, we are going to see more of the same when he says, "Over the long term, we expect

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