The cost of buying a house declined last month.
The average rate on a 30-year fixed mortgage was 5.03% last month, a decline of six basis points, the Federal Housing Finance Agency reported today.
The agency said that rate, which was on loans of $417,000 or less, declined from January's rate of 5.09%.
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The average rate on a 15-year fixed mortgage fell 19 basis points in February to 4.92%. It was 5.11% in January.
Initial fees and charges represented .57% of the loan balance, compared with .64% in January.
The dropping mortgage rates, coupled with the increased availability of foreclosed properties selling at lower prices, caused home sales to increase last month, according to data released earlier this week by both the Commerce Department and the National Association of Realtors.
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