NEW YORK, NY - Mortgage rates continued to drop this week, with the average 30-year fixed mortgage rate falling to the record low of 3.92 percent according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.
The average 15-year fixed mortgage rate increased just slightly to 3.16 percent, while the jumbo 30-year fixed mortgage slid to a new record low of 4.46 percent. Adjustable mortgage rates were mixed this week this week, with the average 3-year adjustable rising to 3.10 percent, while the popular 5-year ARM dipped to 2.99 percent.
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 3.92 percent, the monthly payment for the same size loan would be $945.63, a difference of $296 per month for anyone refinancing now.
30-year fixed: 3.92% -- down from 3.94% last week (avg. points: 0.42)
15-year fixed: 3.16% -- up from 3.15% last week (avg. points: 0.36)
5/1 ARM: 2.99% -- down from 3.01% last week (avg. points: 0.33)
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 majority of the panelists, 77 percent, predict an increase in mortgage rates over the next seven days. The remaining experts, 23 percent, see mortgage rates remaining unchanged 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.