Mortgage Rates Are Mostly in Holding Pattern

Mortgage rates continue to defy expectations, with the 30-year fixed-rate mortgage rate barely budging for the fourth consecutive week.

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 23:

• 30-year fixed-rate mortgages: averaged 4.16 percent, with an average 0.5 point, rising from last week’s 4.15 percent average. Last year at this time, 30-year rates averaged 3.62 percent.
• 15-year fixed-rate mortgages: averaged 3.37 percent, with an average 0.5 point, increasing slightly from last week’s 3.35 percent. A year ago, 15-year rates averaged 2.93 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.16 percent, with an average 0.4 point, dropping from last week’s 3.18 percent average. A year ago, 5-year ARMs averaged 2.79 percent.

Source: Freddie Mac