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Freddie Mac, Bankrate see little movement in mortgage rates

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates moved higher this week, but barely so, according to both Freddie Mac and Bankrate surveys.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 4.88 percent with 0.7 percent, up from last week’s 4.87 percent. A year ago, Freddie Mac had the 30-year averaging 4.95 percent.

Bankrate’s national mortgage survey inched higher as well, to an average of 5.04 percent with 0.42 percent, up from 5.03 percent a week earlier.

"Mortgage rates held steady amid a strong employment report ,” Freddie Mac Chief Economist Frank Nothaft said. “The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009.

"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability. The National Association of Realtors Housing Affordability Index rose to an all-time record high in January, based on figures dating back to 1971. More recently, mortgage applications jumped almost 16 percent over the week ended March 4, representing the largest percent increase since the week of June 11, 2009."

Other results from the two surveys:

The 15-year fixed-rate came in at 4.15 percent with 0.7 point, same as a week ago, according to Freddie Mac.

Bankrate had the 15-year at 4.32 percent with 0.39 point, up from 4.31 percent last week.

 

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