Source: BankRate.com / #Housing #Economy
NEW YORK, NY - Mortgage rates fell further this week, with the benchmark 30-year fixed mortgage rate retreating to 4.43 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.
The average 15-year fixed mortgage rate fell to 3.48 percent, while the larger jumbo 30-year fixed mortgage rate dropped to 4.43 percent. Adjustable rate mortgages decreased as well, with the 5-year slipping to 3.32 percent; and the 7-year and 10-year falling to 3.56 percent and 3.84 percent, respectively.
"Mortgage rates dropped for the second week in a row amid mixed economic news abroad and in the United States," said Polyana da Costa, senior mortgage analyst at Bankrate.com. "Despite some recent economic news, the United States is still perceived by investors as one of the safest places to park their money. Whenever investors seek safety in U.S. Treasuries and mortgage bonds, the yields on those investments tend to fall. Mortgage rates normally follow that trend."
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. Less than a year later, with the average rate at 4.43 percent, the monthly payment for the same size loan would be $1,005.07, a difference of $105 per month for anyone that waited.
30-year fixed: 4.43% -- down from 4.47% last week (avg. points: 0.33)
15-year fixed: 3.48% -- down from 3.52% last week (avg. points: 0.23)
5/1 ARM: 3.32% -- down from 3.34% last week (avg. points: 0.22)
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 divided, with 22 percent forecasting an increase in the coming week, and an equal 22 percent predicting rates to fall further. The remaining 56 percent expect mortgage rates to remain more or less unchanged in the next week.