NEW YORK, NY - Mortgage rates nudged higher for the third week in a row, as the benchmark 30-year fixed mortgage rate rose to 4.16 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.25 discount and origination points.
The larger jumbo 30-year fixed climbed to 4.10 percent, and the average 15-year fixed mortgage rate was up to 3.37 percent. Adjustable mortgage rates saw increases also, with the 5-year ARM rising to 3.58 percent and the 10-year ARM jumping to 3.99 percent.
Mortgage rates ticked up again this week, yet still linger lower than levels before the 2016 election. Rates have risen as the yield on the 10-year Treasury has increased over the past few weeks. Bond prices and yields have an inverse relationship. The Fed minutes released today show that policymakers are committed to another rate increase this year, likely in December, and could start to unwind their $4.5 trillion balance sheet sometime this year, though there's no firm timeline. Low inflation is believed to be "idiosyncratic" and shouldn't extend too far into the future.
At the current average 30-year fixed mortgage rate of 4.16 percent, the monthly payment for a $200,000 loan is $973.37.
SURVEY RESULTS
30-year fixed: 4.16% -- up from 4.07% last week (avg. points: 0.25)
15-year fixed: 3.37% -- up from 3.31% last week (avg. points: 0.21)
5/1 ARM: 3.58% -- up from 3.52% last week (avg. points: 0.36)
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. This week, 22 percent of the panelists believe mortgage rates will rise over the next week or so; 11 percent think rates will fall; and 66 percent believe rates will remain relatively unchanged in the coming week.