The average rate on the benchmark 30-year fixed mortgage rate rose slightly to 4.11 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.
The average 15-year fixed mortgage dipped a spot to 3.34 percent, while the jumbo 30-year fixed mortgage remained unchanged at 4.63 percent. Adjustable mortgage rates held steady this week, with the average 5-year ARM inching to 3.03 percent and the 10-year adjustable staying put at 3.61 percent.
Mortgage rates were little changed this week as renewed concerns about the Greek debt bailout offset continued improvement in the U.S. economic picture. But mortgage rates remain near record lows, showing little fluctuation in the past month. However, a looming jobs report could reintroduce volatility to mortgage rates if it widely departs from expectations -- either on the upside or the downside.
The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.11 percent, the monthly payment for the same size loan would be $967.56, a difference of $274 per month for anyone refinancing now.
SURVEY RESULTS
30-year fixed: 4.11% -- up from 4.10% last week (avg. points: 0.39)
15-year fixed: 3.34% -- down from 3.35% last week (avg. points: 0.34)
5/1 ARM: 3.03% -- down from 3.04% last week (avg. points: 0.32)
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 https://www.bankrate.com/finance/news/refi-boom-looms-mortgages-hold-steady.aspx?ic_id=Top_Financial News Center_link_1.
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 panelists, 43 percent, expect to see mortgage rates increase in the coming week. Of the remaining experts, 36 percent expect that mortgage rates will remain more or less unchanged, while 21 percent predict a retreat over the next seven days.
For the full mortgage Rate Trend Index, go to https://www.bankrate.com/RTI.
To see mortgage rates in your area, go to https://www.bankrate.com/funnel/mortgages.
RESOURCE Prnewswire
