NEW YORK, NY - Mortgage rates increased for a third consecutive week, with the benchmark 30-year fixed mortgage rate moving up to 4.69 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.
The average 15-year fixed mortgage was up modestly to 3.73 percent, while the larger jumbo 30-year fixed mortgage rate rose to 4.72 percent. Adjustable rate mortgages were also higher, with the average 5-year ARM jumping to 3.52 percent and the 7-year ARM now 3.88 percent.
Mortgage rates finished 2013 more than a full percentage point higher than where they began. The benchmark 30-year fixed mortgage rate began the year at 3.58 percent, and finished at 4.69 percent. While mortgage rates are still below September's high point of the year, they did finish 2013 near the upper end of this year's range. Mortgage rates are closely related to yields on long-term government bonds.
On May 1, 2013, 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 4.69 percent, the monthly payment for the same size loan would be $1,036.07, a difference of almost $136 per month for anyone that waited too long.
SURVEY RESULTS
30-year fixed: 4.69% -- up from 4.63% last week (avg. points: 0.32)
15-year fixed: 3.73% -- up from 3.70% last week (avg. points: 0.24)
5/1 ARM: 3.52% -- up from 3.43% 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. This week, most panelists – 62 percent – expect mortgage rates to remain more or less unchanged. One-quarter predict an increase in mortgage rates while just 13 percent forecast a decline in mortgage rates in the next week.