NEW YORK, NY - Mortgage rates moved slightly higher this week, with the average 30-year fixed mortgage rate rising to 4.14 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.
The average 15-year fixed mortgage increased to 3.36 percent, while the jumbo 30-year fixed mortgage held at a record low of 4.55 percent. The average 5-year and 7-year adjustable mortgage rates were up this week, to 3.05 percent and 3.27 percent, respectively.
Despite the monthly employment report showing much-improved job growth, mortgage rates were only slightly higher. The uncertainty surrounding the European debt crisis continues to govern the movement in rates, or the lack thereof, and holds sway over evidence of a continued rebound in the U.S. economy. The Federal Reserve's pledge to hold short-term interest rates steady until at least late 2014 is also helping to keep a lid on mortgage rates.
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 4.14 percent, the monthly payment for the same size loan would be $971.04, a difference of $270 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. The panelists don't expect mortgage rates to get any lower, with no one predicting further declines in the coming week. But that doesn't mean big changes are in store, as 64 percent expect mortgage rates to remain more or less unchanged. The remaining 36 percent forecast an increase over the next seven days.
For the full mortgage Rate Trend Index, go to www.bankrate.com
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 Bankrate.com, our flagship website, and other owned and operated personal finance websites, including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe, Bankrate.com.cn, CreditCards.ca, NetQuote, and CD.com. 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.