Source: BankRate / #Housing #Economy
NEW YORK, NY - Mortgage rates showed little movement, with the benchmark 30-year fixed mortgage rate inching up to 3.79 percent, according to Bankrate.com's weekly national survey. This week, the average 30-year fixed mortgage has an average of 0.34 discount and origination points.
The average 15-year fixed mortgage rate also rose slightly, from 3.00 percent to 3.02 percent. The average jumbo 30-year fixed mortgage rate was a touch higher (from 4.17 percent to 4.19 percent). Adjustable rate mortgages were mixed, with the 5-year ARM falling slightly (from 2.76 percent to 2.75 percent), while the 7-year ARM moved up (from 2.96 percent to 2.98 percent).
The last time mortgage rates were above 5 percent was in April 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate now 3.79 percent, the monthly payment for the same size loan would be $930.78, a difference of $151.44 per month for anyone refinancing now.
30-year fixed: 3.79% -- up from 3.76% last week (avg. points: 0.34)
15-year fixed: 3.02% -- up from 3.00% last week (avg. points: 0.30)
5/1 ARM: 2.75% -- down from 2.76% last week (avg. points: 0.30)
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 www.bankrate.com
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 week. The majority of the panelists, 54 percent, believe rates will remain relatively unchanged (plus or minus two basis points). Thirty-one percent expect a decrease larger than two basis points and 15 percent forecast an increase larger than two basis points.