NEW YORK, NY - Mortgage rates showed little movement this week, with the benchmark 30-year fixed mortgage rate remaining at to 4.28 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 inched to 3.40 percent, while the larger jumbo 30-year fixed mortgage rate dipped slightly to 4.29 percent. Adjustable rate mortgages were mixed, with the 5-year ARM staying in place at 3.33 percent and the 7-year ARM pulling back to 3.54 percent.
As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,036.07. After drifting lower for much of the first half of 2014, the average rate is now 4.28 percent, and the monthly payment for the same size loan would be $987.40, a savings of nearly $49 per month for anyone that waited.
SURVEY RESULTS
30-year fixed: 4.28% -- unchanged from 4.28% last week (avg. points: 0.33)
15-year fixed: 3.40% -- up from 3.39% last week (avg. points: 0.18)
5/1 ARM: 3.33% -- unchanged from 3.33% last week (avg. points: 0.21)
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 are split, with 50 percent forecasting an increase in mortgage rates over the coming week, while 12 percent expect mortgage rates to go down. The remaining experts, 38 percent, predict that mortgage rates will remain more or less unchanged over the next seven days.