Mortgage Rates Hit New Record Lows - Again

Mortgage Rates Hit New Record Lows - Again

NEW YORK, NY - This week brought yet another record low in mortgage rates, with the average 30-year fixed mortgage rate falling to 4.12 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.29 discount and origination points.

The average 15-year fixed mortgage retreated to 3.34 percent, while the jumbo 30-year fixed mortgage slid to 4.55 percent. The average 5-year and 7-year adjustable mortgage rates dropped to 3.02 percent and 3.24 percent, respectively. All of these are record lows.  

Home buyers and refinancers can thank Ben Bernanke and the Federal Reserve for this most recent drop in mortgage rates. The pledge to keep short-term interest rates on hold until late 2014 was the catalyst for this week's move and will also help keep a lid on mortgage rates for the foreseeable future.

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 4.12 percent, the monthly payment for the same size loan would be $968.72, a difference of $273 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. Just over half of the respondents, 56 percent, think rates will remain more or less unchanged at the record lows over the next week. One-in-four predict mortgage rates will rebound, and just 19 percent forecast further declines over the next seven days.

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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