NEW YORK, Oct. 8, 2015 /PRNewswire/ -- Mortgage rates moved back below the 4 percent threshold for the first time since May, with the benchmark 30-year fixed mortgage settling at 3.95 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.19 discount and origination points.
The larger jumbo 30-year fixed rate nosed higher to 3.9 percent, but remains below the smaller conforming 30-year fixed mortgage. The average 15-year fixed mortgage slid to 3.15 percent. Adjustable mortgage rates were on the downswing also, with the 5-year ARM retreating to 3.17 percent and the 7-year ARM sinking to 3.34 percent.
The disappointing September employment report stoked concerns about broader economic fallout from the slowdown in China and elsewhere in the global economy. It also all but guarantees the Federal Reserve will not be raising interest rates at their meeting later this month. Put together, the conditions were ripe for bond yields and mortgage rates to retreat. The yield on the 10-year Treasury note dipped below the 2 percent mark and the benchmark 30-year fixed mortgage rate pulled back below the 4 percent mark. Mortgage rates are closely related to yields on long-term government bonds. Until the uneasiness and uncertainty about the U.S. economy is put to rest, don't expect any sharp upward moves in mortgage rates.
At the current average 30-year fixed mortgage rate of 3.95 percent, the monthly payment on a $200,000 loan is $949.07.
SURVEY RESULTS
30-year fixed: 3.95% -- down from 4.01% last week (avg. points: 0.19)
15-year fixed: 3.15% -- down from 3.18% last week (avg. points: 0.14)
5/1 ARM: 3.17% -- down from 3.19% last week (avg. points: 0.20)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.
For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/finance/mortgages/mortgage-analysis-100815.aspx
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, half of the panelists expect mortgage rates to remain more or less unchanged, while 41 percent forecast an increase in the coming week. Just 9 percent of respondents predict that mortgage rates will decline in the next seven days.
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, CreditCards.com, InsuranceQuotes.com and Caring.com, our flagship websites, and other owned and operated personal finance websites, including Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, CarInsuranceQuotes.com, Insweb.com, CreditCards.ca, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to over 100 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, 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:
Ted Rossman
Public Relations Director
[email protected]
(917) 368-8635
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SOURCE Bankrate, Inc.
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