Mortgage rates stay the same for the week of February 10, 2014

Posted by  on Feb 18, 2014

The new Federal Reserve Chair Janet Yellen's first appearance before the Congress helped send the stock market up, but weak economic reports kept mortgage rates from spiking, at least for the moment.

Mortgage rates unmoved

According to HSH.com, last week the overall average rate for a 30-year fixed-rate home loan rose by just two basis points (0.2 percent) to 4.40 percent. Average rates for 15-year fixed-rate mortgage loans dropped by one basis point (0.01 percent) to 3.52 percent. Rates for FHA-insured, 30-year fixed-rate home loans rose by one basis point (0.01 percent) to an average rate of 4.01 percent. The average rate for a 5/1 Hybrid Adjustable Rate Mortgage (ARM) declined by one basis points (0.01 percent) to an average rate of 3.08 percent. Compare mortgage rates for your area before refinancing or applying for a purchase loan.

This mixed bag of some rates rising slightly while others declined a bit will likely shift this week to a slight increase in all rates. If you're thinking of refinancing, you can use a mortgage calculator to help you determine the impact of different loan programs and terms at various interest rates.

"Rising" mortgage rates still low

Continued poor economic reports on employment and a slight decline in retail sales and industrial production kept rates low last week, and in spite of the predicted higher rates this year we've yet to see them spike. Once the economy firms up a bit and rates begin to rise, they're still not expected to rise much above five percent. According to the experts at HSH.com, it's been nearly 12 years since mortgage rates were as high as seven percent. This week mortgage rates are expected to rise slightly.

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