National Mortgage Rates Hit New Record Low

National Mortgage Rates Hit New Record Low
NEW YORK, NY - The average conforming 30-year fixed mortgage rate hit a new record low this week, inching to 4.92 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points. The average 15-year fixed mortgage held steady this week at 4.34 percent, as did the larger jumbo 30-year fixed rate at 5.75 percent. Adjustable rate mortgages rose this week, with the average 3-year ARM climbing to 4.52 percent and the 5-year ARM rising to 4.26 percent.

Another week and another record low for mortgage rates. The angst of investors around the globe about European debt, slower growth in China, and saber-rattling on the Korean Peninsula all feed into what is known as the "fear trade." That fear trade has helped bring yields on U.S. Treasury securities considerably lower and mortgage shoppers have been direct beneficiaries. Mortgage rates are closely related to yields on long-term government bonds and nervous investors equate to lower mortgage rates.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.92 percent, the monthly payment for the same size loan would be $1,063.89, a savings of $178 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:

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Less than half of the panelists, 46 percent, don't expect much change in mortgage rates and forecast that rates will be more or less unchanged over the next week. A slightly lower percentage, 38 percent predict an increase while just 16 percent forecast a decline in mortgage rates over the same time period.

For the full mortgage Rate Trend Index, 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. provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), 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 groups, in September 2009. Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience.

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