Bankrate: Mortgage Rates Climb for Second Straight Week
NEW YORK, May 16, 2013 /PRNewswire/ -- Mortgage rates moved higher for a second consecutive week, with the benchmark 30-year fixed mortgage rate climbing to 3.71 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 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 increased to 2.92 percent, while the larger jumbo 30-year fixed mortgage rate inched lower to 3.99 percent. Adjustable rate mortgages were also higher, with the popular 5-year ARM rising to 2.68 percent and the 10-year adjustable now at 3.22 percent.
The suddenly glass-half-full economic sentiment continues to push bond yields and mortgage rates higher. Mortgage rates are closely related to yields on long-term government bonds. The benchmark 30-year fixed mortgage rate is now the highest since early April. Despite the increase, however, mortgage rates have been in a narrow one-third of a percentage point range since December. That is in tune with the not-too-hot, not-too-cold economic performance.
The last time mortgage rates were above 5 percent was Apr. 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 currently at 3.71 percent, the monthly payment for the same size loan would be $921.70, a difference of $160 per month for anyone refinancing now.
30-year fixed: 3.71% -- up from 3.60% last week (avg. points: 0.34)
15-year fixed: 2.92% -- up from 2.82% last week (avg. points: 0.32)
5/1 ARM: 2.68% -- up from 2.64% last week (avg. points: 0.24)
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 seven days. Just more than half of respondents don't expect much change in mortgage rates over the coming week, with 54 percent forecasting that mortgage rates will remain more or less unchanged. Thirty-eight percent expect mortgage rates to keep climbing, while just 8 percent predict a decline in mortgage rates over the next seven days.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.
To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0 go to
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.
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SOURCE Bankrate, Inc.