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

Mortgage rates move little, say Freddie Mac, Bankrate

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates ticked slightly higher on mixed news on the economy, according to Freddie Mac, while moving slightly lower according to Bankrate.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage moving up to 4.52 percent with 0.7 point, up from 4.51 percent a week earlier. Bankrate’s national mortgage market survey found rates falling to 4.68 percent with 0.39 point from 4.69 percent a week ago.

The 15-year fixed-rate mortgage rose to 3.66 percent with 0.7 point from 3.65 percent a week ago, according to Freddie Mac, while Bankrate had the 15 year flat at 3.82 percent with 0.38 point.

"Mortgage rates were virtually unchanged this week amid mixed economic data reports,” Freddie Mac Chief Economist said. “Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan.”

Bankrate also cited nervousness in financial markets over Europe's debt issues as contributing to low mortgage rates. Bankrate said prospective borrowers should also pay attention to the ongoing debt ceiling debate here in the U.S. the In the event of either a U.S. debt default or just a downgrade, mortgage rates would rise sharply in response.  

In the coming week, however, Bankrate’s mortgage experts are split down the middle over whether rates will rise or basically stay put. Few see rates falling further.