Bankrate: Mortgage Rates Creep Higher
NEW YORK, August 1, 2013 /PRNewswire/ -- Mortgage rates posted a second week of only slight movement, with the benchmark 30-year fixed mortgage rate rising to 4.59 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.31 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 in a similar fashion, to 3.65 percent, while the larger jumbo 30-year fixed mortgage rate rebounded to 4.73 percent. Adjustable rate mortgages were mostly higher. The 3-year adjustable rate inched higher to 3.60 percent, while the popular 5-year ARM stepped up to 3.57 percent. The average 7-year ARM rate was unchanged at 3.90 percent.
Mortgage rates were slightly higher on continued strength in the housing and stock markets. Investors in bonds, to which mortgage rates are closely related, are taking a cautious approach regarding possible tapering of Fed stimulus. The slow growth economy, high unemployment, and low inflation make it unlikely the Federal Reserve will need to dial back their stimulus as soon as September. But the looming jobs report and lineup of economic releases in the coming days make bond investors unwilling to stick their necks out.
As recently as May 1st, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.59 percent, the monthly payment for the same size loan would be $1,024.09, a difference of $124 per month for anyone that waited too long.
30-year fixed: 4.59% -- up from 4.54% last week (avg. points: 0.31)
15-year fixed: 3.65% -- up from 3.61% last week (avg. points: 0.25)
5/1 ARM: 3.57% -- up from 3.54% 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 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. A plurality of respondents – 42 percent – think mortgage rates will head lower over the next week. The remainder are evenly divided, with 29 percent forecasting an increase and an equal 29 percent expecting mortgage rates to remain more or less unchanged over the coming week.
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, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe.com, and NetQuote.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!, CNN Money, CNBC, and Comcast. 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.