NEW YORK, NY - Mortgage rates were up slightly, with the benchmark 30-year fixed mortgage rate moving to 4.33 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.3 discount and origination points.
The average 15-year fixed mortgage rate increased to 3.46 percent, while the larger jumbo 30-year fixed mortgage rate nosed higher to 4.37 percent. Adjustable rate mortgages were also on the rise, with the 5-year ARM climbing to 3.35 percent while the 10-year ARM increased to 3.88 percent.
Mortgage rates showed very little movement over the summer months, remaining in a range of approximately one-tenth of a percentage point since mid-May. Although mortgage rates were up very modestly this week, with mortgage rates at the top end of that narrow range, it is enough to put the benchmark 30-year fixed mortgage rate at a 3-month high.
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. Mortgage rates have moved lower thus far in 2014, and with the average rate now 4.33 percent, the monthly payment for the same size loan would be $993.27, a savings of $43 per month for anyone that waited.
SURVEY RESULTS
30-year fixed: 4.33% -- up from 4.27% last week (avg. points: 0.30)
15-year fixed: 3.46% -- up from 3.42% last week (avg. points: 0.14)
5/1 ARM: 3.35% -- up from 3.29% last week (avg. points: 0.16)
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 fairly evenly divided this week. Forty percent forecast a pullback in mortgage rates while the remainder are evenly split, with 30 percent expecting mortgage rates to continue higher and 30 percent predicting that mortgage rates will remain more or less unchanged over the next week.