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Freddie Mac, Bankrate: Mortgage rates fall again

By Palm Beach Business.com

DELRAY BEACH — The unrest in the Middle East has pushed up oil prices, but it has had one positive effect for consumers: It’s helped drive down mortgage rates.

Freddie Mac’s Primary Mortgage Market Survey found the average 30-year fixed-rate mortgage dropping to 4.87 percent with 0.7 point, down from 4.95 percent a week earlier. It’s the third consecutive week that long-term rates have fallen after peaking above 5.00 percent.

Bankrate’s national mortgage survey put the 30-year at 5.03 percent with 0.42 point, down from 5.09 percent a week ago.

Bankrate’s analysis: The combination of ongoing unrest in the Middle East, oil prices flirting with $100 per barrel, and an unexpected downward revision to fourth quarter economic growth pose risk to the economic recovery — both individually and collectively. Any risk to the economic recovery is synonymous with lower bond yields and mortgage rates. The next move rests largely with the results of Friday's national employment report.

Also from the two surveys:

The 15-year fixed rate dropped to an average of 4.15 percent with 0.7 point, down from 4.22 percent, according to Freddie Mac.

Bankrate put the 15-year at 4.31 percent with 0.38 percent, down from 4.37 percent a week ago.

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