Mortgage Rates to Decline?

The average rate on a 30-year home mortgage loan with no upfront points was unchanged on
Monday at 6-1/4%

If the mortgage market on Tuesday continues in its current
direction, rates may decline.

The 30-year fixed mortgage rate with 1 upfront point was
unchanged at 6 percent.

The 30-year mortgage rate with two upfront points was
unchanged at 5-3/4 percent.

Mortgage Rates Fall to lowest levels in 6 weeks

Rates on 30-year mortgages fell last week to the lowest level in six weeks.

30-year, fixed-rate mortgages averaged 6.22 percent last week compared with 6.3 percent the previous week.

The decline was only the second since early December.

It pushed rates to the lowest level since the 30-year mortgage was at 6.21 percent the week of Jan. 11.

Mortgage Rates

Residential Mortgage Rates on 30-year mortgages fell for the first time since early December as lower-than-expected job growth eased worries in financial markets about inflation.

Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.28 percent last week, down from 6.34 percent the previous week.

The small decline was the first drop in rates since Dec. 7 when 30-year mortgages had fallen to 6.11 percent, the lowest level since early 2006.

The decline last week came after a government report showed that the unemployment rated edged up to 4.6 percent in January when a fewer-than-expected 111,000 jobs were created.