Rates continued to be stable at record lows in the past week. Freddie Mac announced that for the week ending February 16, 30-year fixed rates averaged 3.87%, the same as the two previous weeks. The average for 15 year loans also was stable at 3.16%. Adjustable rates were mixed, with the average for one-year adjustables rising to 2.84% and five-year adjustables falling to 2.82%. A year ago 30-year fixed rates were at 5.00%, over a full percent higher from this week. Attributed to Frank Nothaft, Vice President and Chief Economist, Freddie Mac, “Fixed rates were unchanged this week amid mixed confidence measures. Small business confidence ticked up slightly in January, representing a fourth consecutive monthly gain, according to the National Federation of Independent Business index. However, the Reuters/University of Michigan index of consumer sentiment fell in February by more than the market consensus forecast breaking a five month trend. In the meantime, home builder confidence rose in February to the highest reading since May 2007, based on the NAHB/Wells Fargo Housing Market Index.”

Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.