Mortgage rates hold steady

NEW YORK (CNNMoney.com) -- Mortgage rates remained flat last week, as President Obama unveiled a $75 billion plan to help prevent foreclosures.

The average 30-year fixed mortgage stayed constant at 5.41% for the week ended March 4, according to Bankrate.com.

The average jumbo 30-year fixed rate reached the lowest level in nearly two years, slipping to 6.77% from 6.87%.

The average 15-year fixed rate mortgage ticked up to 4.94% from 4.93%.

Adjustable-rate mortgages fell, with the 1-year ARM pulling back to 5.43 from 5.58%; the 5/1 adjustable-rate mortgage decreasing to 5.39% from 5.40%.

Mortgage rates are continuing their sideways movement, though they may tilt higher as long-term concern grows regarding how the government will manage its growing budget deficit, according to Weiss Research analyst Mike Larson.

"Mortgage rates are moving sideways with an upward bias. There are some concerns for how we'll pay for the stimulus and everything else. And despite the dismal economic news the market is getting, there's some concern about supply overshadowing that, and that's impacting bond prices," Larson said.

President Obama's $75 billion foreclosure prevention program went into effect Wednesday. The Homeowner Affordability and Stability Plan will help more homeowners refinance into new, low-interest rates and it provides incentives to lenders and servicers to restructure mortgages.

Mortgage rates have dropped, along with stock prices and economic activity, within the past six months. In September, the average 30-year fixed mortgage rate was 6.55%, meaning a $200,000 loan would have carried a monthly payment of $1,270.72, according to Bankrate.com.

With the average rate now at 5.41%, the monthly payment for the same size loan would be $1,124.31, a savings of $146 per month.

Bankrate.com's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.