NEW YORK, NY - Mortgage rates were essentially unchanged over the past week, according to Bankrate.com. The national average 15- and 30-year fixed mortgage rates both fell by one basis point, to 3.40 and 4.30 percent, respectively.
The larger jumbo 30-year fixed mortgage rate increased four basis points to 4.37 percent, while the 5-year ARM held steady at 3.33 percent.
Like many Americans, mortgage rates seem to be taking a midsummer vacation. Economic news has been mixed, and Federal Reserve Chair Janet Yellen's recent Senate testimony indicated that the central bank will not announce a rate hike anytime soon. That's good news for borrowers who have not refinanced yet or need more time to find a house. But don't expect mortgage rates to rest forever.
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. After drifting lower throughout 2014, the average rate is now 4.31 percent, and the monthly payment for the same size loan would be $990, a savings of $46 per month for anyone that waited.
30-year fixed: 4.30% -- down from 4.31% last week (avg. points: 0.30)
15-year fixed: 3.40% -- down from 3.41% last week (avg. points: 0.16)
5/1 ARM: 3.33% -- unchanged from last week (avg. points: 0.18)
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. Most of the panelists (86 percent) expect mortgage rates to remain more or less unchanged over the coming week, while the remaining 14 percent predict mortgage rates will rise. For a second straight week, none of the respondents predict a decrease in mortgage rates over the next seven days.