Source: BankRate.com / #Housing #Economy
NEW YORK, NY - Mortgage rates were down this week, with the benchmark 30-year fixed mortgage rate rising to 4.03 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.18 discount and origination points.
The larger jumbo 30-year fixed rate slipped even further this week to 3.92 percent, the lowest since late April. The average 15-year fixed mortgage fell to 3.19 percent. Adjustable mortgage rates were lower as well; with the 5-year ARM moving to 3.16 percent while the 7-year ARM heading down to to 3.33 percent.
Mortgage rates slipped amid turmoil in financial markets around the globe. Nervousness surrounding the Chinese economy and the extent of the slowdown in their growth rate sparked a sell off in global stock markets and a flight to safety in bonds. Mortgage rates, and the government bond yields to which they are closely related, dropped in response. The rocky financial markets also raise the possibility of the Federal Reserve further delaying their plans to hike interest rates, which also helps to keep a lid on mortgage rates.
At the current average 30-year fixed mortgage rate of 4.06 percent, the monthly payment on a $200,000 loan is $958.29.
30-year fixed: 4.03% -- down from 4.06% last week (avg. points: 0.18)
15-year fixed: 3.19% -- down from 3.28% last week (avg. points: 0.15)
5/1 ARM: 3.16% -- down from 3.24% 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 10 top 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 divided this week, with 46 percent predicting an increase and 36 percent expecting mortgage rates to remain more or less unchanged over the next seven days. Just 18 percent forecast a decline in the coming week.