Snapshot of Current Mortgage Rates

Mortgage rates inched slightly higher last week according to Freddie Mac's mortgage market survey with 30 year fixed mortgage rates climbing to 4.81% (.7 pts). 15 year mortgage rates also rose back above 4%  while 5 year ARM and 1 year ARM rates also increased 0.05% and 0.04% respectively. These rates were highly than the previous week but still lower than we've seen since the end of January and beginning of February 2011.

Today on ForTheBestRate.com, Atlanta based lender, PREO Mortgage LLC, is advertising the lowest 30 year fixed mortgage rates in North Carolina with an APR of 4.771% (4.750% note rate/0 pts/$490 in fees). American Financial Resources is posting the second lowest 30 year APR at 4.802% (4.625% note rate/1.73 pts/$595 in fees).

PREO Mortgage, LLC is also listing the lowest 15 year fixed mortgage rates at 4.161% with zero points and $490 in fees. Amerisave and American Financial Resources are both posting 15 year home loan rates with APRs at 4.294%.

North Carolina mortgage lender, Gateway Bank Mortgage is advertising the lowest 5/1 ARM rates in the NC survey at 3.144% APR (3.000% note rate/ 1.375 pts/$875 in fees).

To see current mortgage rates in your area, please visit the mortgage rate tables available at ForTheBestRate.com.

Mortgage Rates Remain Relatively Unchanged from the Previous Week

Freddie Mac recently released its weekly mortgage survey which showed mortgage rates remained fairly flat from the previous week. 30 year mortgage rates average 4.88% (.7 pt) which was slightly higher than the 4.87% than the proceeding survey's results. 15 year mortgage rates average 4.15% (.7 pt) which was the same as the prior week. 5 year treasury indexed ARMs also increase just a hair inching up to 3.73% (.6 pt) from 3.72%.

Frank Nothaft, Freddie Mac VP and Chief Economist noted that "rates held steady amid a strong employment report.. The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009.  He continued, "interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability. The National Association of Realtors® Housing Affordability Index. rose to an all-time record high in January, based on figures dating back to 1971. More recently, mortgage applications. jumped almost 16 percent over the week ended March 4, 2011 representing the largest percent increase since the week of June 11, 2009."

To read the complete survey, visit: http://www.freddiemac.com/pmms/release.html?week=10&year=2011

On a side note, the Mortgage Bankers Association reported that its seasonally adjusted index of mortgage applications rose 15.5% for the week ending on March 4th. Michael Fratantoni of the Mortgage Bankers Association stated that the improving job market is likely helping the housing sector.

You can find more on this story at: http://www.cnbc.com/id/41984293