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Bankrate, Freddie Mac: Mortgage rates hold steady

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates pretty much treaded water over the past week as the European debt crisis overshadowed some positive economic reports, according to Freddie Mac and Bankrate.

On Thursday, Freddie’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage holding steady at 3.66 percent with 0.7 point. That happens to be a record low for the survey.

Meanwhile, Bankrate had the 30-year at 3.89 percent with 0.44 point, also a record low. Bankrate cited the European debt crisis and fragile global economy as major concerns influencing rates. The company said rates are likely to move little until there is some resolution to the crisis in Europe.

Freddie Mac, meanwhile, said the low rates should continue bolster the fragile housing market. Chief Economist Frank Nothaft said a series of monthly reports, including the Case-Shiller housing price index, the National Association of Realtors’ pending sale index and the Commerce Department’s new-home sales report all showed positive trends.

The two surveys differed slightly on the 15-year mortgage, with Bankrate finding the rate holding at 3.16 with 0.44 point and Freddie finding the rate dropping to 2.94 percent with 0.7 point from last week’s 2.95 percent.