World events have provided U.S. home buyers and refinancers with a rate reprieve for what is typically the home-buying and selling season, but it isn’t clear how long that will last.
The average 30-year fixed-rate mortgage rate was 5.05% in the week ended Feb. 10, according to Freddie Mac’s weekly survey of conforming mortgages. The Libyan revolt began in mid-February, on the heels of the uprising in Egypt. The earthquake in Japan occurred March 11. By the week ended March 17, the average 30-year mortgage rate was 4.76%, Freddie Mac reported.
On a loan of $200,000, the decline would cut the monthly payment by $50 to $1044.50, according to Keith Gumbinger, vice president of HSH.com, a mortgage information website.