National Mortgage Rates Inch Lower

National Mortgage Rates Inch Lower
NEW YORK, NY - Mortgage rates were down again, with the benchmark conforming 30-year fixed mortgage rate falling to 4.75 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.4 discount and origination points. The average 15-year fixed mortgage dipped to 3.93 percent and the larger jumbo 30-year fixed rate inched lower to 5.21 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM sinking to 3.45 percent and the 7-year ARM ticking down to 3.72 percent.

Mortgage rates didn't move much, but it was enough to push rates lower for a seventh consecutive week. Nervousness about European debt issues and slower economic growth, both in the U.S. and abroad, has driven investors into safe-haven investments such as Treasuries. When this happens, it is good news for mortgage rates, which are closely related to yields on long-term government bonds. Mortgage rates are one-third of a percentage point from the all-time lows that were established in November 2010.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed 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 4.75 percent, the monthly payment for the same size loan would be $1,043.29, a difference of $198 per month for anyone 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.

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. This week, 56 percent of the panelists expect mortgage rates to remain more or less unchanged, while 25 percent forecast even lower rates. Just 19 percent predict mortgage rates to rise in the coming week.

For the full mortgage Rate Trend Index, go to:

The Bankrate network of companies includes,,, Nationwide Card Services, 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.

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