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Mortgage rates move little, say Bankrate, Freddie Mac

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates held steady over the past week, according to Freddie Mac, while moving slightly higher, according to Bankrate. Both surveys agree on one thing, however: loans are dirt cheap, assuming you can get one.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 3.87 percent with 0.8 point, same as a week ago. The rate also is the all-time low for the 30-year mortgage.

Bankrate, meanwhile spotted the 30-year at an average of 4.14 percent with 0.32 percent, up from last week’s 4.12 percent.  The 15-year moved slightly higher in both surveys, to 3.16 percent with 0.7 point from 3.14 percent a week ago, according to Freddie Mac, and to 3.36 percent with 0.31 point, up from 3.34 percent a week earlier.

Both Freddie Mac and Bankrate pointed the strong jobs report for January from the Labor Department as putting upward pressure on rates. But Bankrate also noted the European debt crisis and the Fed’s pledge to hold short-term rates low as compensating factors preventing rates from moving significantly.

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