Freddie Mac, Bankrate split on mortgage rates

By Palm Beach Business.com

DELRAY BEACH — Mortgages fell this week, according to Freddie Mac’s Primary Mortgage Market Survey, while holding steady, according to Bankrate’s national mortgage survey.

Freddie Mac found the 30-year fixed rate mortgage at 4.71 percent with 0.8 point, down from 4.77 percent a week ago. Bankrate put the 30-year at 4.94 percent with 0.38 point.

“Bond yields drifted lower following the release of the December employment report , which was weaker than the market consensus forecast and implied that the labor market is still in a sluggish recovery,” said Frank Nothaft, Freddie Mac’s chief economist. “Fixed mortgage rates followed bond yields lower for a second consecutive week, bringing them to a four-week low.”

Also from the two surveys:

Freddie Mac found the 15-year fixed rate at 4.08 percent with 0.8 point, down from 4.13 percent a week ago.

Bankrate put the 15-year at 4.29 percent with 0.43 point, down from 4.32 percent.

Bankrate’s panel of mortgage experts see rates more likely than not staying right where they are over the next week. A sizable minority see rates rising, but none see them falling.