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Mortgage Rates Update > 3/6/2013

Mortgage rates finally showed some significant improvement over the last week.  The average  30-year fixed rate mortgage dropped to 3.4 percent last week and continued even lower early this week.  Rates also showed improvement for 15-year mortgages, dropping to 2.6 percent, and 5-1 ARM (adjustable-rate mortgage) rates at 2.25%.

Falling mortgage rates contributed to a surge on loan applications for the week after three consecutive weeks in decline.  Mortgage and refinance applications for last week hit the highest level since the middle of January.

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