Mortgages rates are headed back up despite the news of deteriorating homes prices. The benchmark 30-year fixed-rate mortgage rose to 5.01 percent, up five basis points from the previous week. A similar pattern appears for the 15-year fixed-rate mortgage ... averaging 4.25 percent ... that's an increase of nine basis points.
Jumbo mortgages are also on the rise, with average sitting at 5.55 percent.
The strengthening of mortgages came against a continuing saga of drooping home values. The just released Case-Shiller home price index, which covers 20 major markets, was down 3.1 percent in January compared to the same month in 2010. With 90 percent of the market experiencing home price declines ... just pushes the real estate market closer to a double dip.
Of course it is a buyer's market and if you're looking for a home, it's important to shop around for the best deal. To check mortgages rates in your area, be sure to visit Bankrate.com. I'm Kristin Arnold.