Bookmark and Share Contact us by phone: 561 450-8258. Contact us by email.

 

Bankrate: Mortgage rate drops to record low

By Palm Beach Business.com

DELRAY BEACH — This week, it was Bankrate’s turn to set a record low for the 30-year. Freddie Mac, meanwhile found the mortgage moving higher after setting its all-time low last week.

Bankrate, which has a substantial presence in North Palm Beach, reported the 30-year, fixed rate mortgage dropping to an average of 4.41 percent with 0.43 point, down from last week’s 4.45 percent. Freddie Mac had the 30-year moving to an average of 4.22 percent with 0.7 point, up from 4.15 percent  a week ago.

The two mortgage surveys had different takes on the forces influencing rates over the past week.

For Bankrate, the move lower was the result of continued concerns over the state of the economy.

For Freddie Mac, it was the result of a rare bit of economic good news.

"Fixed mortgage rates followed Treasury bond yields higher this week while data reports suggest an improvement in the housing market,” Freddie Mac Chief Economist Frank Nothaft said. “ The Federal Housing Finance Agency national House Price Index rose for the third straight month in June bolstered by a 3.3 percent gain in the East North Central Census Division. In addition, the Mortgage Bankers Association reported that the serious delinquency rate (90 days or more plus foreclosures) on mortgages outstanding fell for the sixth consecutive quarter at the end of June to 7.85 percent."

Bankrate’s panel of mortgage experts, meanwhile, sees no clear direction for rates over the coming week — 38 percent see rates falling further, while another 38 percent see rates holding the line. Only 24 percent see rates rising.

Also from the mortgage surveys: Bankrate found the 15-year fixed-rate mortgage averaging 3.63 percent up from 3.58 percent a weekago; Freddie Mac found the 15-year averaging 3.44 percent with 0.6 point, up from 3.36 percent a week ago.ad for delray networking stars

 

coming soon the daily bulletin

Keep up with YOUR community. Receive our FREE email newsletters!
For Email Marketing you can trust

Follow us on TwitterPalm Beach Business.com on LinkedIn
FOLLOW US ON FACEBOOK


ad for palm beach business.com
Openings at $75K to $500K+

Hot Offers
CompUSA Best sellers
DELRAY'S ONLINE BUSINESS AND COMMUNITY NEWSPAPER — PALM BEACH BUSINESS.COM
   
palm beach business.com
AUGUST 25, 2011 click to go home
 
         
click to go back to the top
Delray's Online Business and Community Newspaper