Mortgage rates remain below 4 percent - KWWL - Eastern Iowa Breaking News, Weather, Closings

Mortgage rates remain below 4 percent


The average U.S. rate on the 30-year fixed mortgage was mostly unchanged this week, as the cost of home-buying and refinancing stayed near record lows.

Mortgage buyer Freddie Mac says the rate on the 30-year loan fell slightly to 3.98 percent from 3.99 percent last week.  In February, the rate touched 3.87 percent, the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage also fell, to 3.21 percent from 3.23 percent. That's above the record low of 3.13 percent hit last month.

Mortgage rates have been below 4 percent for all but one week since early December.  That's helped lift the outlook for housing after four sluggish years of home sales.  Still, most economists expect only modest gains.

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