Source: BankRate.com / #Housing #Economy
NEW YORK, NY - Mortgage rates increased this week, with the benchmark 30-year fixed mortgage rate rising to 4.55 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
The average 15-year fixed mortgage climbed to 3.62 percent, while the larger jumbo 30-year fixed mortgage rate is now 4.57 percent. Adjustable rate mortgages jumped higher as well, with the 7-year adjustable moving up to 3.69 percent and the 10-year adjustable rate stepping over the 4 percent mark to 4.08 percent.
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 4.55 percent, the monthly payment for the same size loan would be $1,019.32, a difference of approximately $119 per month for anyone that waited too long.
30-year fixed: 4.55% -- up from 4.44% last week (avg. points: 0.37)
15-year fixed: 3.62% -- up from 3.47% last week (avg. points: 0.27)
5/1 ARM: 3.33% -- up from 3.29% last week (avg. points: 0.25)
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. The majority of this week's respondents, 55 percent, expect mortgage rates to rise over the next week, while 18 percent predict mortgage rates will fall. The remaining 27 percent forecast that mortgage rates will remain more or less unchanged in the coming week.