Mortgage rates either remained stable or declined during the first full week of February, keeping the window open for homeowners to refinance their loans to save money, according to the latest weekly national survey from Bankrate released on Thursday.
Fifteen-year fixed-rate mortgages were the only type of loan to see their average rate decline for the week as it fell 0.03 percentage points to 4.52 percent. The drop more than made up for the 0.01 percentage point increase it had seen one week earlier.
Both 30-year FRMs and 5/1 adjustable-rate mortgages saw their average rates remain stable for the week 15 at 5.15 and 4.56 percent respectively. The stabilized rates for both mortgage types came after each rate saw a 0.02 percentage point increase the week prior
The current average rate for all mortgage types combined stands at 5.15 percent, meaning that a $200,000 loan would result in a monthly payment of 1,092.05. This would stand to be a significant savings over the $1,241.86 monthly payment that homeowners would have received if they took out a loan of the same size in November 2008 when the average rate was 6.33 percent that could help some get out of debt.