NEW YORK, NY - The benchmark conforming 30-year fixed mortgage rate moved a touch higher to 4.25 percent, according to Bankrate.com'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 ticked up to 3.48 percent while the larger jumbo 30-year fixed rate held steady at 4.74 percent. Adjustable rate mortgages were mixed, with the average 3-year ARM sliding to 3.45 percent and the 10-year ARM climbing to 3.81 percent.
Mortgage rates continue to jog in place, having been essentially unchanged throughout the month of November, despite almost universally improved data on the U.S. economy. What is keeping mortgage rates steady – and at near-record low levels – is the continually evolving European debt crisis. Developments in Europe – good or bad – are the likely catalyst for the next movement in mortgage rates, whenever that should come.
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 4.25 percent, the monthly payment for the same size loan would be $983.88, a difference of $258 per month for anyone refinancing now.
30-year fixed: 4.25% --up from 4.23% last week (avg. points: 0.37)
15-year fixed: 3.48% -- up from 3.47% last week (avg. points: 0.37)
5/1 ARM: 3.21% -- up from 3.20% last week (avg. points: 0.38)
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. The panel is divided, with 46 percent predicting an increase in mortgage rates while an equal 46 percent expect mortgage rates to remain more or less unchanged over the next seven days. Just 8 percent forecast a decline in mortgage rates in the coming 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 80 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.