NEW YORK, NY - Mortgage rates saw no significant changes this week, with the benchmark 30-year fixed mortgage rate inching higher to 4.49 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.33 discount and origination points.
Source: BankRate.com / #Housing #Economy
The average 15-year fixed mortgage stepped back to 3.52 percent, and the larger jumbo 30-year fixed mortgage dipped to 4.49 percent. Adjustable rate mortgages were slightly lower, with the average 3-year and 5-year adjustables each pulling back to 3.28 percent. The 10-year ARM is the lowest since October, at 3.95 percent.
Mortgage rates are hovering as we're in a bit of a wait-and-see mode regarding the economy. Recent economic reports have not been impressive, with much of that chalked up to the brutal snow and cold throughout much of the country this winter. It may take a more normal weather pattern to truly gauge where the economy sits, and at least for now, there isn't much movement in mortgage rates being seen.
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 4.49 percent, the monthly payment for the same size loan would be $1,012.18, a difference of $112 per month for anyone that waited too long.
30-year fixed: 4.49% -- up from 4.48% last week (avg. points: 0.33)
15-year fixed: 3.52% -- down from 3.53% last week (avg. points: 0.23)
5/1 ARM: 3.28% -- down from 3.32% last week (avg. points: 0.26)
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 panelists are evenly split, with 50 percent expecting mortgage rates to fall in the coming week, and the other half predicting mortgage rates will remain more or less unchanged. Interestingly, none of the panelists forecast an increase in mortgage rates in the next week.