Source: BankRate / #Housing #Economy
NEW YORK, NY - Fixed mortgage rates showed little movement this week, with the benchmark 30-year fixed mortgage inching down to 3.75 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 discount and origination points.
The average 15-year fixed mortgage rate remained unchanged at 2.97 percent, while the larger jumbo 30-year fixed mortgage, slipped to 4.10 percent. Adjustable rate mortgages were mixed, with the 3-year ARM dipping to 3.95 percent and the 5-year ARM holding firm at 2.71 percent.
The last time mortgage rates were above 5 percent was Apr. 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 currently at 3.78 percent, the monthly payment for the same size loan would be $929.64, a difference of $153 per month for anyone refinancing now.
30-year fixed: 3.75% -- down from 3.78% last week (avg. points: 0.34)
15-year fixed: 2.97% -- unchanged from 2.97% last week (avg. points: 0.33)
5/1 ARM: 2.71% -- unchanged from 2.71% last week (avg. points: 0.31)
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 seven days. Only 8 percent of the panelists expect an increase in mortgage rates over the next week. Forty-two percent forecast a decrease and the remaining 50 percent predict mortgage rates to remain more or less unchanged over the next seven days.