Fixed mortgage rates moved modestly lower over the past week, and a further descension could be ahead during the upcoming seven days.

Thirty-year fixed rates on conforming, conventional loans used to finance a single-family property purchase worked out to an average of 4.36 percent in February.

Long-term mortgage rates jumped from the previous month, when the average was 4.19 percent. But still, the 30 year was 5 basis points lower than the same month last year.

Source: Mortgage Daily