Source: BankRate.com / #Housing #Economy
NEW YORK, NY - Mortgage rates retreated again this week, with the benchmark 30-year fixed mortgage rate pulling back to 4.37 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.30 discount and origination points.
The average 15-year fixed mortgage rate slipped to 3.45 percent, while the larger jumbo 30-year fixed mortgage rate ticked down to 4.39 percent. Adjustable rate mortgages were also down this week, with the 3-year ARM sliding to 3.23 percent and the 5-year inching lower to 3.34 percent.
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. Now one year later, with the average rate at 4.44 percent, the monthly payment for the same size loan would be $997.98, a difference of $98 per month for anyone that waited.
30-year fixed: 4.37% -- down from 4.44% last week (avg. points: 0.30)
15-year fixed: 3.45% -- down from 3.51% last week (avg. points: 0.24)
5/1 ARM: 3.34% -- down from 3.35% last week (avg. points: 0.23)
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. Panelists aren't expecting much change in the upcoming week, with 60 percent predicting rates will remain relatively unchanged over the next seven days. The remaining experts were mixed with 20 percent expecting mortgage rates to rise over the next week or so and 20 percent forecasting that rates will fall.