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Mortgage Rates Roundup for Week Ending February 4, 2011
While recent indications point to overall improvement in the economy, mortgage rates moved however slightly this week. Additionally, inflation remained in check week over week. A report recently released by Freddie Mac revealed the average rate on a 30-year fixed-rate mortgage was 4.81 percent this week, with an average of .8 points. Interestingly, the average rate for the same product one year ago was 5.01 percent. However, the record low, from November, 2010, was 4.17 percent.
For a 15-year fixed-rate mortgage, the average rate was 4.08 percent with an average of .8 points, while the average rate one year ago for this product was 4.40 percent. Again, the record low of 3.57 percent was documented in November, 2010.
Although mortgage rates are up significantly from November, they are still considerably lower than February, 2010. If rates are still lower today when compared to this time last year, why is the number of mortgage applications down so appreciably? Mortgage experts believe the drastic reduction in the number of Americans purchasing or refinancing is twofold.
Most homeowners who are eligible to refinance have already done so Mortgage rates have increased rather sharply in a very short period of time Based on Freddie Mac’s ... more

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