After lasting through an entire month without any declines, the average rates for all mortgage types saw their first increases of the new decade as 2010 entered its second month.
According to Bankrate’s latest weekly national survey released on February 4, the average rate for 30-year fixed-rate mortgages increased slightly, jumping up 0.02 percentage point to hit 5.15 percent. The increase offset the results from the previous week’s survey, which had seen the long-term rate decline by 0.02 percentage points.
The average rate for 15-year FRMs saw their first increases of 2010 as well, inching up 0.01 percentage point to hit 4.55 percent during the first week of February. The rate nearly cancelled out the 0.02 percentage point decline seen the week prior.
Short-term rates also saw their rate go up for the first time in the new decade. Following a 0.09 percentage point decline the week prior, 5/1 adjustable-rate mortgages saw their average rate get forced up by 0.02 percentage points as well to hit 4.56 percent.
After correctly forecasting that rates would be due for their first increases of the new year the week prior, Bankrate’s Rate Trend Index found that most mortgage experts predicted that rates would remain about the same. Forty-seven percent of respondents expected that rates would not change in the next week while only 40 percent expected another increase. 