Mortgage Rates Update

30 year fixed rate mortgages averaged 6.03 percent throughout the week, down from 6.24 percent last week. Last year at this time the average 30 year fixed rate mortgage was at 6.14 percent.

15 year fixed rate mortgages also took a dip this week down to 5.47 percent from 5.72 percent last week. A year ago the 15 year fixed rate mortgage averaged 5.86 percent.

The latest report out on the U.S. economy shows a declining job market, slowing in manufacturing and overall low consumer confidence.

Mortgage delinquencies continue to rise as 6 percent of all mortgages throughout the U.S. are delinquent. The trend shows that the U.S. housing market is far from making a recovery anytime soon.

Mortgage rates are very vulnerable as banks continue to lose money investing in the U.S. housing market. With the Fed expected to lower the rate at which banks borrow from one another later this month it is hard to say whether mortgage rates will follow.

For more analysis on March mortgage rates visit Future Planning Financial at www.fpf-direct.com.