Rates Still Low,Nearly Flat

Mortgage interest for the past week held fairly close to the previous week’s rates,reports Freddie Mac. Average interest on 30-year fixed loans slipped a notch to 4.98 percent from 4.99 percent and was down from 5.10 percent a year ago. While still higher than the historic lower of 4.71 percent established in early December,long-term mortgage rates have hovered around a very favorable 5 percent thanks to the Federal Reserve’s mortgage-backed securities program meant to keep rates low and make home buying more affordable. The central bank’s policymaking committee confirmed on Jan. 27 that it will keep rates near those record lows in order to prop up the economy;but it still plans to terminate the program at the end of March.

[SOURCES:Freddie Mac;Information,Inc.]