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Bankrate, Freddie Mac: Economic data keeps mortgages low
By Palm Beach Business.com
Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 4.78 percent, with 0.7 percent, down from 4.80 percent a week earlier.
Among the reasons cited for the drop: weaker economic data and declining home prices reported earlier this week. Bankrate also cited the Federal Reserve’s decision to keep interest rates steady, while continuing with a $600 billion bond buy-back program.
"Mortgage rates followed Treasury bond yields lower this week amid weak local economic data reports on business conditions and house prices,” Freddie Mac Chief Economist Fred Nothaft said. “Regional Federal Reserve Banks reported that business and manufacturing activities declined in Philadelphia, Dallas and Richmond in April. In addition, the S&P/Case-Shiller 20-city composite home price index recorded year-over-year declines through February in 19 of the 20 markets.”
Freddie Mac put the 15-year fixed-rate mortgage at 3.97 percent with 0.7 point, down from 4.02 percent a week earlier, while Bankrate put the 15-year at 4.14 percent with 0.37 point, down from 4,16 percent a week earlier. The Freddie Mac average is the lowest for the loan since December.
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