Mortgage rates slip slightly, Freddie, Bankrate find

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates were quiet during the past week, but lull might not last long.

Freddie Mac’s Primary Mortgage Market Survey spotted the averge 30-year fixed-rate mortgage at 5.14 percent with an average 0.7, point, down from last week’s 5.20 percent. A year ago, the 30-year sat at 6.26 percent.

Bankrate.com’s national mortgage survey put the 30-year at 5.58 percent, down ever so slightly from last week’s 5.59 percent.

It has been a good month for borrowers.

"Average fixed-rate mortgage rates were lower than last week and were down 0.4 percent to 0.5 percent from the levels of early June," Freddie Mac Chief Economist Frank Nothaft said. "For a 30-year fixed-rate mortgage, the rate reduction over the past five weeks translates into a monthly payment saving of $56 on a $200,000 loan.”

Those good times might be coming to an end very shortly.

Half of Bankrate’s panel of mortgage experts see rates rising in the near term, however, with the other half evenly split between standing still and falling further.

Other results from Freddie Mac:

— The 15-year fixed rate mortgage fell to 4.63 percent with an average 0.7 point from 4.69 percent.

— Five-year adjustable-rate mortgages rose to 4.83 percent this week from 4.82 percent. A year ago, the 5-year ARM averaged 5.80 percent.

— One-year ARMs averaged 4.76 percent compared with last week’s 4.82 percent.

Bankrate’s survey found the 15-year unchanged at 4.93 percent, while the average jumbo 30-year fixed rate retreated to 6.65 percent. Adjustable rate mortgages continue to post mixed results, with the average 1-year ARM moving higher to 5.22 percent and the 5-year ARM sinking to 4.98 percent.