National Mortgage Rates Post Mixed Results

National Mortgage Rates Post Mixed Results

NEW YORK, NY -  Fixed mortgage rates ticked higher this week, with the benchmark 30-year fixed mortgage notching higher to 3.81 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The average 15-year fixed mortgage rate held steady at 3.04 percent, while the larger jumbo 30-year mortgage increased to 4.36 percent. Adjustable mortgage rates were mixed, but the 3-year and 5-year ARMs reset record lows of 2.84 percent and 2.75 percent, respectively.

Mortgage rates were little changed over the week as a better than expected report on the services sector offset a lousy employment report. But the weak jobs picture did increase the likelihood of further Fed stimulus, such as purchases of mortgage-backed bonds that would drive mortgage rates down further. Market participants await the Federal Open Market Committee's announcement on Sept. 13th.

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 3.81 percent, the monthly payment for the same size loan would be $933.05, a difference of $308 per month for anyone refinancing now.


30-year fixed: 3.81% -- up from 3.79% last week (avg. points: 0.39)
15-year fixed: 3.04% -- unchanged from last week (avg. points: 0.36)
5/1 ARM: 2.75% -- down from 2.76% last week (avg. points: 0.38)

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. There is no clear consensus this week, with 43 percent of the panelists expecting mortgage rates to remain more or less unchanged in the next week and 36 percent predicting further increases. Just 21 percent foresee a decline in mortgage rates over the coming week.

Source: BankRate / #Housing #Economy

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