NEW YORK, NY - Mortgage rates were up slightly this week, with the benchmark 30-year fixed mortgage rate nosing higher to 3.82 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.27 discount and origination points.
The average 15-year fixed mortgage stepped up to 3.06 percent while the larger jumbo 30-year fixed mortgage increased just slightly from last week's record low to 3.93 percent. Adjustable rate mortgages posted mixed results, with the 5-year ARM sliding to 3.10 percent and the 10-year ARM up modestly to 3.60 percent.
After falling for two consecutive weeks, mortgage rates were up ever so slightly this week, but remain near the low point of 2015. A week of mixed economic results and plenty of stock market volatility to close out the first quarter held bond yields and mortgage rates in check. Mortgage rates are closely related to yields on long-term government bonds. The occasional economic disappointment that keeps everyone guessing about the Federal Reserve's timetable for interest rate hikes, and the flood of European Central Bank stimulus pushing capital to U.S. shores, each helps keep a lid on long-term interest rates.
One year ago, the average 30-year fixed mortgage rate was 4.54 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,018.13. With the average rate now at 3.82 percent, the monthly payment for the same size loan would be $934.19, a savings of roughly $84 per month for anyone refinancing now.
30-year fixed: 3.82% -- up from 3.80% last week (avg. points: 0.27)
15-year fixed: 3.06% -- up from 3.04% last week (avg. points: 0.21)
5/1 ARM: 3.10% -- down from 3.14% last week (avg. points: 0.19)
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. This week the panelists are as evenly divided as they could possibly be, with one-third predicting rates will rise, one-third saying they will fall, and one-third expecting mortgage rates to remain more or less unchanged in the coming week.