NEW YORK, NY - Mortgage rates moved slightly higher this week, with the benchmark 30-year fixed mortgage rate inching lower for a second consecutive week to 4.50 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 discount and origination points.
The average 15-year fixed mortgage rose to 3.51 percent and the larger jumbo 30-year fixed mortgage rate stepped up to 4.54 percent. Adjustable rate mortgages were also higher, with the popular 5-year adjustable climbing to 3.30 percent and the 7-year ARM increasing to 3.61 percent.
Mortgage rates were slightly higher this week, but remain well within the familiar range of recent weeks. A respectable jobs report removed some angst about the economy, but the persistent cold weather has still taken an apparent toll. With the Federal Open Market Committee meeting next week, it is likely that the Fed will stay the course on tapering their bond purchases, keeping bond yields and mortgage rates from any wild fluctuations. 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 4.50 percent, the monthly payment for the same size loan would be $1,013.37, a difference of $113 per month for anyone that waited too long.
30-year fixed: 4.50% -- up from 4.45% last week (avg. points: 0.34)
15-year fixed: 3.51% -- up from 3.46% last week (avg. points: 0.21)
5/1 ARM: 3.30% -- up from 3.26% last week (avg. points: 0.24)
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 experts predict that mortgage rates will remain more or less unchanged in the coming week. The remaining panelists are split, with 20 percent expecting mortgage rates to rise, and 20 percent predicting mortgage rates will fall over the next week.