Average interest rates on 30-year fixed mortgages fell again this past week to 4.87% which was down from the previous week’s 4.95%. Concerns that rising oil prices due to the uprising in Libya may impact consumer spending has spurred investors into bonds and Treasury notes. Typically these markets track closely with interest rates. Other mortgage products seeing declines were the 15-year fixed falling from 4.22% to 4.15% and the 5-year ARM declined to 3.72% from 3.80%.
