Mortgage Rate Reversal Erases January Declines

Washington, DC, February 28, 2008 — Mortgage rates continue to rise and have returned to November levels.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.24 percent for the week ending Feb. 28, up from 6.04 percent last week. The mortgage is now higher than it was a year ago when the 30-year averaged 6.18 percent.

The 30-year rate averaged 5.67 percent three weeks ago, so it has spiked more than half a point since then, even though the Federal Reserve has been cutting rates.

The 15-year fixed-rate mortgage averaged 5.72 percent this week, up from 5.64 percent last week.