Bankrate: Mortgage Hold Steady
NEW YORK, Feb. 21, 2013 /PRNewswire/ -- Mortgage rates showed little movement, with the benchmark 30-year fixed mortgage rate inching up to 3.80 percent, according to Bankrate.com's (NYSE: RATE) weekly national survey. This week, the average 30-year fixed mortgage has an average of 0.33 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage rate remained unchanged this week at 3.02 percent. The average jumbo 30-year fixed mortgage rate was a touch higher (from 4.19 percent to 4.21 percent). Adjustable rate mortgages were mixed, with the 5-year ARM rising (from 2.75 percent to 2.76 percent), while the 7-year ARM moved down slightly (from 2.98percent to 2.97 percent).
The last time mortgage rates were above 5 percent was in April 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate now 3.79 percent, the monthly payment for the same size loan would be $931.91, a difference of $150.31 per month for anyone refinancing now.
30-year fixed: 3.80% -- up from 3.79% last week (avg. points: 0.33)
15-year fixed: 3.02% -- unchanged from 3.02% last week (avg. points: 0.27)
5/1 ARM: 2.76% -- up from 2.75% last week (avg. points: 0.29)
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 http://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 week. The majority of the panelists, 58 percent, believe rates will remain relatively unchanged (plus or minus two basis points). Twenty five percent expect an increase larger than two basis points and 17 percent forecast a decrease larger than two basis points.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.
Be sure to check out the new and improved Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0
Our new app has a dramatically improved user experience and design as well as some new features and functionality, including:
- Faster rate search results
- Better formatted rate tables
- Enhanced, easy-to-use amortization table
- Slider controls added to calculator
- Overnight rates added to Main Menu
- Video selections added to "News & Advice" tab
- Better 'Save Search' functionality
- Calculator and amortization table functionality now work in airplane mode/offline
- Improved help screens
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, our flagship website, and other owned and operated personal finance websites, including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe, Bankrate.com.cn, CreditCards.ca, NetQuote.com, and CD.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily. Bankrate develops and provides web services to over 80 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.
For more information contact:
Senior Director, Corporate Communications
SOURCE Bankrate, Inc.