NEW YORK, NY - Mortgage rates moved higher, with the benchmark 30-year fixed mortgage rate climbing to 4.72 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.29 discount and origination points.
The average 15-year fixed mortgage increased to 3.74 percent, while the larger jumbo 30-year fixed mortgage rate rebounded to 4.88 percent. Adjustable rate mortgages were higher also, with the popular 5-year adjustable rate now at 3.65 percent and the 7-year ARM crossing back over the 4 percent threshold to 4.04 percent.
Some better economic news, in particular news on manufacturing and the Federal Reserve's Beige Book report, tilted the odds a little more in favor of the Fed beginning to dial back their stimulus later this month. However, the decision likely hinges on the upcoming employment report, with a strong report giving the Fed the cover they need to taper their bond purchases despite the looming debt ceiling and government budget debates.
As recently as May 1st, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.72 percent, the monthly payment for the same size loan would be $1,039.68, a difference of $139 per month for anyone that waited too long.
30-year fixed: 4.72% -- up from 4.62% last week (avg. points: 0.29)
15-year fixed: 3.74% -- up from 3.66% last week (avg. points: 0.25)
5/1 ARM: 3.65% -- up from 3.61% last week (avg. points: 0.23)
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. There is no clear consensus this week, with 42 percent of respondents expecting mortgage rates to remain more or less unchanged, while 33 percent forecast an increase in the coming week. Just 25 percent predict mortgage rates will pull back in the next week.
Source: BankRate.com / #Housing #Economy