NEW YORK, NY - The average conforming 30-year fixed mortgage was up slightly this week to 5.04 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.43 discount and origination points.
The average 15-year fixed mortgage was a notch higher at 4.47 percent while the larger jumbo 30-year fixed rate slipped to 6.00 percent. Adjustable rate mortgages were also higher, with the average 3-year ARM rising to 4.81 percent and the 5-year ARM climbing to 4.55 percent.
Even though mortgage rates increased slightly this week, they're still within striking distance of record lows. Even a better-than-expected employment report couldn't lift mortgage rates by any appreciable fashion. The Federal Reserve continues to sing the same tune about keeping interest rates low for an extended period of time, credit markets remain on edge about potential defaults in emerging markets such as Greece, and sufficient skepticism exists that the November employment report could be a one-hit wonder. Each of these helps keep a lid on the long-term Treasury yields to which mortgage rates are closely related.
Mortgage rates are three-quarters of a percentage point lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 5.80 percent, meaning a $200,000 loan would have carried a monthly payment of $1,173.51. With the average rate now 5.04 percent, the monthly payment for the same size loan would be $1,078.54, a savings of $95 per month for a homeowner refinancing now.
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. For a full analysis of this week's move in mortgage rates, go to: www.bankrate.com/mortgagerates
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. More than half of the panelists, 57 percent, expect mortgage rates to keep heading higher and just 14 percent predict lower rates. Nearly one in three, or 29 percent, forecast that rates will remain more or less unchanged over the next 30 to 45 days.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com 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. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2008, Bankrate.com had nearly 72 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! ( YHOO), America Online ( TWX), The Wall Street Journal and The New York Times ( NYT). Bankrate.com'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.