National Mortgage Rates Inching Upward

National Mortgage Rates Inching Upward

NEW YORK, NY - The 30-year fixed mortgage rate ticked higher for the second straight week, registering at 4.21 percent, the third-lowest level on record, 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 increased to 3.44 percent from last week's record low of 3.42 percent, while the jumbo 30-year fixed mortgage dipped to yet another new low of 4.64 percent. Adjustable rate mortgages were mixed, with the average 3-year ARM rising to 3.55 percent while the 10-year rate slipped to 3.76 percent.    

It was another pretty tame week for mortgage rates. But 2011 will go into the books as the year with the lowest mortgage rates. In the 26-year history of Bankrate's survey, the average 30-year fixed rate throughout 2011 was the lowest yet, at 4.66 percent. In fact, the high point of the year was 5.23 percent – a rate that as recently as March 2009 would have qualified as a record low.

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.

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. More than half of the respondents, 54 percent, don't think mortgage rates will go much of anywhere in the next week, predicting they'll be unchanged. The remainder are almost evenly split, with 23 percent forecasting an increase while 24 percent expect mortgage rates to decline in the coming week.

For the full mortgage Rate Trend Index, go to

Bankrate is a leading publisher, aggregator and distributor of personal finance content on the Internet.  Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes, our flagship website, and other owned and operated personal finance websites, including,,,,, Nationwide Card Services,,, InsureMe,,, NetQuote, and  Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily.  Bankrate develops and provides web services to over 75 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC and Bloomberg. In addition, Bankrate licenses editorial content to over 100 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times and The Boston Globe.

Source: / #Mortgages #Housing

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