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Freddie Mac, Bankrate find mortgage rates moving higher

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates shot up over the past week on an improving economic outlook.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year, fixed-rate mortgage shooting up to 4.60 percent with 0.7 point from 4.51 percent, where it’s sat the last few weeks. Bankrate’s national mortgage survey found similar results, with the average 30-year hitting 4.79 percent with 0.32 point, up from 4.71 percent a week earlier.

Despite the hike, mortgage rates remain cheap for those who can qualify for a loan.

“Mortgage rates followed Treasury yields higher over the holiday week but remain quite affordable by historical standards,” Freddie Mac Chief Economist Frank Nothaft said. For instance, interest rates on all mortgages outstanding in the first quarter of this year averaged just under 6 percent. With today's rates, these homeowners who have the ability to refinance could shave $169 per month in interest payments on a $200,000, 30-year fixed mortgage."

Bankrate cited better economic news and an easing of concerns about a potential Greek debt default spurred this week's move, pushing mortgage rates to a two-month high. Mortgage rate volatility could pick up in the coming weeks as investors grapple with the state of the U.S. economic recovery, quarterly corporate earnings, and a deadline for increasing the debt ceiling.

Also from the surveys: Freddie Mac has the 15-year fixed-rate mortgage moving to 3.75 percent with 0.7 point, up from 3.69 percent a week ago. Bankrate had the 15-year at 3.90 percent with 0.31 point, up from 3.86 percent a week ago.

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JULY 7, 2011 click to go home
 
         
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