National Mortgage Rates Hold Steady

National Mortgage Rates Hold Steady

NEW YORK, NY - Mortgage rates were little changed this week, with the average 30-year fixed mortgage rate holding at the record low of 4.18 percent for the third consecutive week, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed mortgage inched up from last week's record, to 3.39 percent, while the jumbo 30-year fixed mortgage set another new low of 4.58 percent. The average 3-year and 5-year adjustable mortgage rates bounced off last week's record lows, rising to 3.29 percent and 3.06 percent, respectively.  

Mortgage rates have been remarkably static over the past two-and-a-half months, with the average 30-year fixed mortgage rate staying in a range of one-tenth of a percentage point. The lack of progress in resolving the European debt crisis continues to fuel the record low mortgage rates. Even though the tone of economic data has been better, the tenuous nature of Europe's debt woes means demand for safe U.S. government bonds is high, keeping bond yields and mortgage rates particularly 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 4.18 percent, the monthly payment for the same size loan would be $975.70, a difference of $266 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.

For a full analysis of this week's move in mortgage rates, go to

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 panelists, 54 percent, expect mortgage rates to remain more or less unchanged over the next seven days. Nearly one-in-three, 31 percent, predict an increase in mortgage rates and just 15 percent forecast mortgage rates moving lower in the coming week.

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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