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Mortgage surveys mixed; rates still at or near lows

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates moved slightly higher over the past week but still remain near historic lows, according to Freddie Mac, but hit a new low, according to Bankrate.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 3.34 percent with 0.7 point, compared with 3.32 percent a week earlier. Bankrate’s survey put the 30-year at an average of 3.50 percent with 0.40 percent, down from 3.52 percent a week earlier.

"Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation,” Freddie Mac Chief Economist Frank Nothaft said. “Third quarter real GDP growth was revised from an initial report of 2.0 percent to 2.7 percent, nearly matching the market consensus forecast.  Meanwhile, the 12-month growth rate of the core price index of consumer expenditures remained at 1.7 percent in October which is on the low end of the Federal Reserve's projection range for this year.”

The 15-year fixed-rate moved up to an average of 2.67 percent with 0.6 point from 2.64 percent a week ago, according to Freddie Mac. Bankrate put the 15-year at 2.85 percent with 0.27 percent, down from 2.86 percent a week ago.