Mortgage rates to hold still this week

Mortgage rates for the week ending February 9 will see little movement, according to the national weekly rates survey by Bankrate.

The company attributes the steady rates to "a rebounding economy and strong corporate earnings." Their survey results showed that 30-year fixed mortgages are at 5.02 percent, up from last week's figure of 4.97 percent. Additionally, 15-year fixed mortgages increased from 4.28 percent last week to 4.29 percent this week. Finally, 5-year ARMs remained unchanged, reporting the same 3.84 percent figure from last week.

Bankrate speculates that higher consumer spending and continued improvement in the manufacturing market may be among the forces driving the economy's rebound.

According to the company, the average mortgage payment on a $200,000 loan is approximately $165.77 lower now than it was the last time mortgage rates were above 6 percent, which Bankrate says was November 2008.

Additionally, 59 percent of Bankrate's panel of mortgage specialists expect rates to continue to increase over the next week, 35 percent expect the lack of movement to continue and 6 percent expect mortgage rates to fall lower by next week's end.

Those considering moving may want to do so while mortgage rates and home prices remain low. Otherwise, they may wind up paying more for a property that would have cost them less if they had purchased it just a short time before. 

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