Mortgage rates dip, remain above record lows

Are mortgage rates on the way up or down? It depends on whom you ask.

Two groups came out with their weekly mortgage rate surveys Thursday, with nearly a half-percentage-point difference between their averages for traditional 30-year mortgages.

The good news, though, is that there seems to be consensus in the lending industry that mortgage rates aren’t expected to change dramatically soon.

Bankrate.com said its weekly national survey taken Wednesday showed an uptick in rates, with the average 30-year fixed mortgage rate rising to 5.24% from 5.21%. The average 30-year fixed-rate mortgage carried a 0.43 discount and origination points.

The average 15-year fixed-rate mortgage inched down to 4.74% from 4.76% last week, Bankrate.com said.

Just to confuse things, Freddie Mac said its survey for the week ended Thursday pegged the average 30-year fixed mortgage rate at 4.82%, with an average 0.7 point, compared with 4.86% last week. In the same weekly period a year earlier, the average rate on a 30-year fixed-rate mortgage was 5.98%.

Freddie Mac said the 15-year fixed-rate average also fell, to 4.5% from 4.52% last week.

Looking beyond the weekly numbers, Bankrate’s Rate Trend Index found that among analysts surveyed, 38% predicted declining rates in the next 30 to 45 days, while 55% said they expected rates to remain about the same as now.

“With the Federal Reserve buying large quantities of mortgage-backed debt and government bonds, that will keep a lid on mortgage rates for the balance of 2009,” said Greg McBride, senior financial analyst for Bankrate.com.

“Mortgage rates have shown very little volatility in recent weeks as concern about the weak economy is balanced out by worries surrounding the supply of government debt. There’s a little bit of a stalemate going on right now.”