Mortgage Rates Hold Steady

Mortgage Rates Hold Steady NEW YORK, NY - The average conforming 30-year fixed mortgage rate was unchanged at 5.35 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.31 discount and origination points. The average 15-year fixed mortgage was down slightly to 4.72 percent while the larger jumbo 30-year fixed rate jumped to 6.50 percent. Adjustable rate mortgages were mixed, with the average 1-year ARM inching lower 5.27 percent and the 3-year ARM rising to 4.88 percent.

Mortgage rates were mostly in a holding pattern leading up to a meeting of the Federal Open Market Committee. And with the Fed delivering no surprises in their statement that followed, mortgage rates aren't likely to show much movement in response. The Fed's ongoing purchases of mortgage-backed debt are holding mortgage rates at compelling levels, but this won't be the case indefinitely. As the Fed gradually withdraws support from the market, mortgage rates seem destined to eventually move higher. Homeowners looking to refinance should act with some urgency to lock in fixed mortgage rates that are near record lows, as there are no guarantees about just how long that will continue to be the case. An improving economic climate and large government debt auctions represent potential catalysts for higher mortgage rates. Mortgage rates are closely related to long-term government bonds.

Mortgage rates are more than one full percentage point lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.44 percent, meaning a $200,000 loan would have carried a monthly payment of $1,256.25. With the average rate now 5.35 percent, the monthly payment for the same size loan would be $1,116.83, a savings of $139 per month for a homeowner refinancing now.

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. Half of the panelists don't think mortgage rates are going anywhere, expecting rates to remain unchanged, while 43 percent forecast rising rates. Just 7 percent predict mortgage rates will head lower over the next 30 to 45 days.

For the full mortgage Rate Trend Index, go to:

To see mortgage rates in your area, go to:

The Bankrate network of companies includes,,, Nationwide Card Services,, Fee Disclosure, InsureMe and Bankaholic. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2008, had nearly 72 million unique visitors. provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: TWX), The Wall Street Journal and The New York Times (NYSE: NYT).'s information is also distributed through more than 500 newspapers. Bankrate, Inc. was acquired by Apax Partners, one of the world's leading private equity investment group, in September 2009. Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience.
Source: Bankrate

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