Bankrate finds mortgages hitting new record low

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates continue to be ridiculously low, falling to a new record low in the Bankrate survey and holding steady in Freddie Mac’s.

Bankrate put the 30-year fixed rate mortgage at 4.50 percent with 0.35 point, down from last week’s 4.54 percent. Freddie, meanwhile, put the average at 4.37 percent with 0.7 point, same as last week. Both surveys were released Thursday.

In the Freddie Mac survey, the 15-year dropped to 3.82 percent with 0.7 point, a record low. Bankrate has it dipping to 3.96 percent with 0.33 point.

"In its September 21st policy committee statement, the Federal Reserve indicated that the pace of recovery in output and employment has slowed in recent months,” Freddie Mac Chief Economist Frank Nothaft said. “In addition, inflation was at levels somewhat below its comfort zone. The perception of slow growth and low inflation removed any upward pressure on fixed mortgage rates this week.”

Meanwhile, Bankrate sees mortgage rates remaining about where they are in tover the nex week or so: 71 percent of its expert panelists predict rates will hold, while 23 percent expect rates to fall.