Every week in January we saw a gradual decline in the mortgage rates. The first week of February broke the cycle. The first week of January we started with an interest rate of 5.09% for a 30 year fixed and 4.50% for a 15 year fixed. Three weeks later the rate for a 30 year fixed was at 4.98% and for a 15 year fixed the rate was down to 4.39.
February switched the declining cycle to 5.01% for a 30 year fixed rate and 4.40% for 15 year fixed mortgage rate. Buyers are expecting better rates and further increase might discourage home buying for some.
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