Bankrate, Freddie Mac: Mortgage rates fall ever so slightly

DELRAY BEACH — Mortgage rates moved little over the past week, both nationally and in South Florida. But that’s not likely to last.

south florida mortgage surveyFreddie Mac’s Primary Mortgage Market Survey spotted the 30-year fixed-rate mortgage averaging 4.98 percent with an average 0.6 point, compared with 4.99 percent a week earlier. Bankrate’s national mortgage survey put it at 5.13 percent, with 0.49 point, down from 5.15 percent a week ago.

It was the fourth consecutive week that the 30-year has dropped.

The 15-year averaged 4.39 percent with an average 0.6 point, down slightly from last week’s 4.40 percent, according to Freddie Mac; Bankrate put it at 4.56 percent, with 0.43 point.

Bankrate attributed the low mortgage rates to uncertainties over Ben Bernanke's reconfirmation as Federal Reserve chairman and President Obama's proposal to separate trading from banking activity. However, on Wednesday the Fed announced its intention to stop buying mortgage-backed securities by March 31.

Economic worries notwithstanding, Bankrate says this eventually will push mortgage rates higher. national mortgage survey jan. 28 

Over the short term, however, Bankrate’s mortgage experts are mixed over which direction rates will be taking. Half see rates rising over the next week, while half see them holding still or falling.

Said Freddie Mac Chief Economist Frank Nothaft:  “Mortgage rates held steady this week ahead of the Federal Reserve's (Fed) policy committee meetings.  The Fed announced on January 27th that economic activity has continued to strengthen.  It also noted that with substantial resource slack continuing to restrain cost pressures and with longer-term inflation expectations stable, inflation is likely to be subdued for some time.

Links to Surveyed Banks:



Bank of America

Chase Bank

PNC Bank

Riverside National

SunTrust Bank

TD Bank

Wachovia (Wells Fargo)

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