NEW YORK, NY - Mortgage rates saw very little change this week, with the benchmark 30-year fixed mortgage rate inching lower to 4.48 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 stepped back to 3.50 percent, while the larger jumbo 30-year fixed mortgage climbed to 4.51 percent. Adjustable rate mortgages were slightly up this week, with the average 1-year ARM moving up to 3.29 percent and the 5-year ARM rising to 3.30 percent.
Mortgage rates have been in a docile state over the past few weeks, as uncertainty regarding global markets has receded. While the pace of the U.S. economic recovery is still an open question, things have transitioned to a wait-and-see mode that translates into tame movements in mortgage rates. The surge of monthly economic releases over the next ten days may answer some of those economic questions, and be a catalyst for renewed volatility in the bond market, and ultimately, mortgage rates. 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 4.48 percent, the monthly payment for the same size loan would be $1,011.00, a difference of $111 per month for anyone that waited too long.
30-year fixed: 4.48% -- down from 4.49% last week (avg. points: 0.31)
15-year fixed: 3.50% -- down from 3.52% last week (avg. points: 0.23)
5/1 ARM: 3.30% -- up from 3.28% 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 panelists, 71 percent, expect mortgage rates to fall in the coming week, and the remaining 29 percent predict mortgage rates will remain more or less unchanged. For the second consecutive week, none of the panelists forecast an increase in mortgage rates in the next seven days.