At the beginning this week mortgage rates with heading down. Mortgage rates have declined some however even as I write this interest rates have started to increase again.
The benchmark 30-year fixed-rate mortgage fell 6 basis points this week, to 5.03 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.42 discount and origination points. One year ago, the mortgage index was 5.12 percent; four weeks ago, it was 5.02 percent.