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Freddie Mac, Bankrate: Mortgage rates rise on economy

By Palm Beach Business.com

DELRAY BEACH — A more optimistic view of the economy helped push mortgage rates higher over the past week, both Freddie Mac and Bankrate reported Thursday. However, rates remain near their all-time lows.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 3.92 percent with 0.8 point, up from 3.88 percent a week ago. Bankrate’s national mortgage survey had the 30-year averaging 4.15 percent with 0.40 point, up from 4.11 percent a week ago.

"An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week and mortgage rates followed,” Freddie Mac Chief Economist Frank Nothaft said. “The economy gained 227,000 jobs, above the market consensus forecast, and revisions added another 61,000 to January and December. 

“Job growth over the last six months was the strongest since 2006. In addition, the Federal Reserve's …  announcement noted that it anticipates the unemployment rate will decline gradually toward levels that it judges to be consistent with its mandate to achieve maximum employment with stable prices and moderate long-term interest rate.”

Bankrate also noted the soothing effect the restructuring of Greek debt had on investors, which helped pump up stocks earlier in the week.

Also from Thursday’s reports: the 15-year fixed-rate mortgage rose to 3.16 percent with 0.8 point from 3.13 percent a week ago; Bankrate put it at 3.38 percent with 0.34 point, up from 3.33 percent a week ago.

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