NEW YORK, NY - The benchmark conforming 30-year fixed mortgage rate inched lower to 4.21 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 slipped back to 3.46 percent and the larger jumbo 30-year fixed rate dipped to 4.82 percent. Adjustable rate mortgages were also lower, with the average 5-year ARM sliding to 3.11 percent and the 7-year ARM dropping to 3.30 percent.
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 4.21 percent, the monthly payment for the same size loan would be $979.20, a difference of $263 per month for anyone 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. This week, 54 percent of the panelists predict mortgage rates will rise. Nearly one-third, 31 percent, expect mortgage rates to remain more or less unchanged, and the remaining 15 percent forecast a decline in mortgage rates over the upcoming week.
For the full mortgage Rate Trend Index, go to: www.bankrate.com
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, 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.