Contact us by phone: 561 450-8258. Contact us by email.

Mortgage rates hold steady, according to Freddie Mac

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates moved little over the past week, according to Fannie Mae, but moved higher, according to  Bankrate.

Freddie Mac’s  Primary Mortgage Market Survey had the 30-year fixed rate mortgage holding steady at an average of 4.51 percent with 0.7 point, same as a week ago. Bankrate, meanwhile, found the 30-year bumping higher to 4.71 percent with 0.43 point,  up from 4.66 percent a week earlier. The split decision is unusual for the two surveys, which usually parallel each other.

"Interest rates on 30-year fixed mortgages hovered around 4.5 percent for the fourth consecutive week following mixed reports on the strength of the economy,” Freddie Mac Chief Economist Frank Nothaft said. “First quarter economic growth was revised up in the final estimate, but growth in consumer spending stagnated in May while April's figure was revised downward; consumer expenditures account for roughly two-thirds of the nation's gross domestic product.”

The 15-year fixed-rate mortgage held at 3.69 percent, with 0.7 point, according to Freddie Mac; Bankrate had the 15-year moving to 3.86 percent with 0.36 point, up from 3.83 percent a week earlier.

Another notable result from Freddie Mac: the 5-year adjustable-rate mortgage hit a record low at 3.22 percent with 0.6 percent, dropping below the previous record of 3.25 percent set Nov. 11. Again, the two surveys diverged: Bankrate had the 5-year ARM moving higher, to 3.45 percent with 0.31 point,  from 3.36 percent a week ago.