National Mortgage Rates Inch Higher

National Mortgage Rates Inch Higher NEW YORK, NY - Mortgage rates moved higher this week, with the average conforming 30-year fixed mortgage rate climbing to 4.58 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points. The average 15-year fixed mortgage inched up to 4.06 percent, and the larger jumbo 30-year fixed rate rose to 5.23 percent. Adjustable rate mortgages were both up this week, with the average 5-year ARM jumping to 3.91 percent and the average 7-year ARM moving to 4.17 percent.

Mortgage rates moved higher following a series of more upbeat economic readings prior to Labor Day. The August jobs report wasn't stellar, but it wasn't as dour as expected, and this was a catalyst for investors to move into riskier assets. In doing so, investors sold safe-haven Treasury securities, to which mortgage rates are closely related. The path of mortgage rates will be determined largely by investors' sentiment about whether the economy is getting better or worse, and will continue to yo-yo up and down amid conflicting economic readings.

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 4.58 percent, the monthly payment for the same size loan would be $1,022.90, a savings of almost $219 per month for a homeowner refinancing now.

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. Fifty percent of the panelists, say mortgage rates aren't headed anywhere and will remain more or less unchanged. Thirty three percent of the panelists believe mortgage rates will rise and 17 percent believe the rates will fall in the next week.

For the full mortgage Rate Trend Index, go to:

The Bankrate network of companies includes,,, Nationwide Card Services,, Fee Disclosure, InsureMe, Bankaholic, and NetQuote. 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.

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.