NEW YORK, NY - Mortgage rates retreated this week, following two consecutive weeks climbing higher. The average conforming 30-year fixed mortgage rate decreased to 4.58 percent., according to Bankrate.com. The average 30-year fixed mortgage has an average of 0.40 discount and origination points. The average 15-year fixed mortgage decreased to 3.97 percent, and the larger jumbo 30-year fixed rate dipped as well to 5.18 percent. Adjustable rate mortgages dropped as well, with the average 5-year ARM at 3.66 percent and the average 7-year ARM falling to 3.97 percent.
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 $219 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 http://www.bankrate.com/mortgage.aspx.
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, 42 percent believe that mortgage rates will remain the same. Nearly split, 25 percent predict that mortgage rates will drop, while the other 33 percent predict that rates will climb in the next week.
For the full mortgage Rate Trend Index, go to: www.bankrate.com/RTI.
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote. 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. Bankrate.com 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). 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 groups, in September 2009. Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience.