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Freddie Mac: Mortgage rates rise!

By Palm Beach Business.com

DELRAY BEACH — Stop the presses!!! The streak has ended!!! Fixed-rate mortgages move higher!!!

Freddie Mac’s Primary Mortgage Market Survey found both the 30-year and 15-year fixed-rate mortgages moving higher over the past week. The 30-year had fallen to new lows each of the six previous weeks.

The 30-year bumped up to 3.71 percent with 0.7 point from 3.67 percent a week ago, according to Freddie Mac. The 15-year jumped to 2.98 percent with 0.7 percent from last week’s 2.94 percent.

Freddie Mac Chief Economist Frank Nothaft said “mild” economic data pushed rates higher.

Meanwhile, Bankrate’s national mortgage survey came in with a split decision on rates, with the 30-year dropping to 3.91 percent with 0.39 point from last week’s 3.92 percent. That’s a record low for the Bankrate survey.

The 15-year rose to 3.17 percent with 0.35 point from 3.16 percent a week earlier.

Bankrate said uncertainty surrounding the European debt crisis should continue to keep a lid on mortgage rates.