February was a less-than-stellar month as far as mortgage interest rates go, but as it drew to a close over the weekend, consumers saw modest gains.
By Friday afternoon, rates slipped to as low as 3.75 percent for a 30-year fixed rate mortgage, though 3.85 percent has been commonly quoted as well.
“Rate markets enjoyed a sedate Friday to end the month, with minor pricing improvements on my rate sheets,” said Ted Rood, a senior originator. “While we’re still closer to the rate highs for February than the lows seen early in the month, at least we’ve regained some ground, and appear to be in a ‘wait and see’ mode at the moment.”
Image via flickr/Simon Cunningham
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