Mortgage Rates Largely Unchanged

By:
Kara Johnson | March 23, 2011

Mortgage rates held steady last week, posting only slight changes and encouraging more homeowners to seek to refinance existing home loans.

Average interest rates on both 30- and 15-year fixed-rate mortgages varied by only a single basis point from the week before, though in different directions, according to the weekly Mortgage Bankers Association report. Average rates on 30-year loans crept up to 4.80 percent, compared to 4.79 percent the week before, while 15-year rates declined to 4.02 percent, down from 4.03 percent previously.
 
Because of changes in the average fees paid on both loans, however, the effective rate on 30-year loans actually dropped while increasing on 15-year loans. Average points paid on 30-year loans declined to 0.96 points, down from 1.07 points the week before, while points paid on 15-year mortgages rose to 0.90 points, up from 0.85 points previously.  
With rates holding stable, demand for mortgage refinancing continued to rise, with refinance applications increasing a seasonally adjusted 2.7 percent from the previous week. Refinance applications have increased by an average of 3.3 percent over the past four weeks since 30-year rates dropped back below 5 percent after a brief spike.
 
Applications for mortgages to purchase a home also rose a seasonally adjusted 2.7 percent last week, after several weeks of weak interest. Purchase applications are up an average of 1.0 percent over the past four weeks and are down 15.3 percent compared to the same week one year ago.

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