New York, NY – Mortgage rates moved lower this week with the benchmark conforming 30-year fixed mortgage rate now 4.69 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points.
To see rates in your area, go to Mortgage Rates.
The average 15-year fixed mortgage slid to 3.82 percent while the larger jumbo 30-year fixed rate dropped to 5.20 percent. Adjustable rate mortgages declined also, with the average 5-year ARM dipping to 3.40 percent and the 7-year ARM inching lower to 3.70 percent.
Mortgage rates dropped this week amid economic reports that show that the United States still faces a depleting labor market and a crawling economy. Some mortgage experts expect the downward trend to last at least through next week.
The last time mortgage rates were above 6 percent was November 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 4.69 percent, the monthly payment for the same size loan would be $1,036.07, a difference of $206.00 per month for anyone refinancing now.
Survey Results
- 30-year fixed: 4.69% — down from 4.79% last week (avg. points: 0.36)
- 15-year fixed: 3.82% — down from 3.90% last week (avg. points: 0.36)
- 5/1 ARM: 3.40% — down from 3.49% last week (avg. points: 0.35)
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 Mortgage Rates to Fall to Labor Pains.
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 majority of the experts, 62 percent, expect mortgage rates to remain more or less unchanged. Of the remaining experts, 23 percent predict mortgage rates will rise and 15 percent forecast a decline in mortgage rates in the upcoming week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI
About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, InsureMe, CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com’s information is also distributed through more than 500 newspapers.
