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Bankrate: Stronger economy pushes mortgage rates higher

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates bounced substantially higher over the past week but still remain below 4.00 percent and near historic lows, according to Freddie Mac. Bankrate found mortgage rates moving northward as well.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate loan averaging 3.95 percent with 0.8 point, up from its record low of 3.87 percent a week ago. The 15-year fixed-rate climbed to an average of 3.19 percent with 0.8 point from last week’s 3.16 percent.

Bankrate, meanwhile, spotted the 30-year at an average of 4.16 percent with 0.39 point, up from last week’s 4.10 percent. The 15-year rose to 3.38 percent with 0.33 points, up from last week’s 3.35 percent.

Adjustable rate mortgages were mixed — falling in the Freddie Mac survey but rising in the Bankrate survey.

Bankrate cited both improving U.S. economic data and the latest bailout of Greece as the reasons behind the upward swing in rates. Bankrate said rates could reverse course since the specter of a Greek default remains and fears of a European debt crisis could resurface.