NEW YORK, NY - Mortgage rates broke a streak of five consecutive weekly declines, with the benchmark 30-year fixed mortgage rate rising to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.31 discount and origination points.
The average 15-year fixed mortgage increased to 3.49 percent, while the larger jumbo 30-year fixed mortgage rate slid to 4.55 percent. Adjustable rate mortgages were mixed, with the 3-year ARM rising to 3.35 percent and the popular 5-year adjustable rate sliding to 3.31 percent.
The potential economic drag from the government shutdown and looming debt ceiling deadline had pulled rates lower in recent weeks, but hopes that a deal could be in the works eased those concerns late last week. However, with the deadline drawing closer and still no deal, there is plenty of room for volatility in mortgage rates in the coming days. Mortgage rates are closely related to yields on long-term government bonds.
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 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a difference of $103 per month for anyone that waited too long.
SURVEY RESULTS
30-year fixed: 4.42% -- up from 4.39% last week (avg. points: 0.31)
15-year fixed: 3.49% -- up from 3.47% last week (avg. points: 0.22)
5/1 ARM: 3.31% -- down from 3.34% last week (avg. points: 0.22)
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. Two-thirds of respondents, 67 percent, believe mortgage rates will climb in the coming week, while just 22 percent expect mortgage rates to fall. The remaining 11 percent predict that mortgage rates will remain more or less unchanged in the next week.