Freddie Mac, Bankrate say mortgage rates edge higher

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates moved slightly higher this week on inflation fears, but still remain below 5 percent in both major surveys.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage edging up to 4.81 percent with 0.7 point from 4.76 percent a week ago, while Bankrate’s national mortgage survey had the 30-year at 4.96 percent with 0.41 point, up from 4.91 percent a week ago.

"Mortgage rates were up this week compared to last, but still remain at relatively low levels,” Freddie Mac Chief Economist Frank Nothaft said. “The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns. The 12-month growth rate in the consumer price index rose 2.1 percent in February, compared to 1.6 percent in January; however, most of the increase was due to food and energy prices, which tend to be volatile. The core index rose 1.1 percent, slightly up from 1.0 percent in January.”

Also from the two surveys:

— Freddie Mac had the 15-year fixed-rate mortgage at 4.04 percent with 0.7 point, up from last week’s 3.97 percent.

— Bankrate put the 15-year at 4.16 percent with 0.38 percent, up from last week’s 4.12 percent.