Source: BankRate.com / #Housing #Economy
NEW YORK, NY - Mortgage rates moved higher for third consecutive week, with the benchmark 30-year fixed mortgage rate rising to 4.14 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.28 discount and origination points.
The average 15-year fixed mortgage rate increased to 3.34 percent, while the larger jumbo 30-year fixed mortgage rate inched higher to 4.14 percent. Adjustable rate mortgages were mixed, with the 5-year ARM climbing to 3.18 percent and the 7-year ARM sliding to 3.51 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. Mortgage rates have moved lower thus far in 2014, and with the average rate now 4.14 percent, the monthly payment for the same size loan would be $971.04, a savings of almost $65 per month for anyone that waited.
30-year fixed: 4.14% -- up from 4.10% last week (avg. points: 0.28)
15-year fixed: 3.34% -- up from 3.27% last week (avg. points: 0.15)
5/1 ARM: 3.18% -- up from 3.17% last week (avg. points: 0.13)
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 majority of the panelists – 81 percent - expect mortgage rates to remain more or less unchanged over the coming week. Nineteen percent forecast a continued rebound in rates, while none of the experts predict a decline in mortgage rates over the coming week.