Freddie Mac has reported that 30-year fixed mortgage rate moved up slightly to 4.50 percent from its yearly low of 4.49 percent. For the past nine weeks 30-year fixed mortgage rates have remained relatively flat.
One popular refinance option, the 15-year fixed mortgage, fell this week to 3.67 percent from 3.68 percent which is a new low for the year.
The reason for the low rates is that they tend to track the yield on the 10-year Treasury note which lately has been dropping with concern that the economic recovery may be slowing.