Mortgage rates slide — barely — according to Freddie Mac.

By Palm Beach Business.com

DELRAY BEACH – Mortgage rates slipped ever so slightly during  a week light on economic news, according to Freddie Mac. Palm Beach Business.com’s South Florida survey found local rates little changed over the same period.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 4.95 percent with an average 0.7 point this week, down from 4.97 percent a week earlier.  Last year at this time, the 30-year FRM averaged 5.03 percent.

TD Bank offered a 30-year fixed rate mortgage at 5.125 percent with no points, same as a week ago. Chase offered a rate of 5.0 percent with 1 point; the rate is the same as a week ago, but the bank shaved 0.125 point.

The yield on 10-year Treasury bonds, to which mortgage rates are loosely pegged increased to 3.73 percent from 3.63 percent a week earlier.

“During a light week of mixed economic reports, mortgage rates eased somewhat,” Freddie Mac Chief Economist Frank Nothaft said. “Pending existing home sales fell 7.6 percent in January, well below the market consensus of a 1 percent gain.  Meanwhile, the economy lost only 36,000 jobs in February, fewer than market forecasts, and the unemployment rate held steady at 9.7 percent.  In addition, revisions added a net 35,000 workers to January and December combined.”

The 15-year mortgage this week averaged 4.32 percent with an average 0.7 point, down from last week’s 4.33 percent, according to Freddie Mac.  A year ago at this time, the 15-year averaged 4.64 percent. 

The 5-year adjustable-rate mortgage averaged 4.05 percent this week, with an average 0.6 point, down from last 4.11 percent.  The 1-year ARM averaged 4.22 percent this week with an average 0.6 point, down from 4.27 percent a week ago.  At this time last year, the 1-year ARM averaged 4.80 percent.