NEW YORK, Jan. 21, 2016 /PRNewswire/ -- Mortgage rates fell for a third week in a row, with the benchmark 30-year fixed mortgage dropping below the 4 percent threshold and landing at 3.98 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.21 discount and origination points.
The larger jumbo 30-year fixed retreated to 3.87 percent, and remains below the smaller conforming 30-year fixed mortgage, while the average 15-year fixed mortgage sank to 3.23 percent. Adjustable mortgage rates also retreated, with the 5-year, 7-year, and 10-year ARMs pulling back to 3.31 percent, 3.51 percent, and 3.71 percent, respectively.
There has been considerable volatility in financial markets, particularly since the first of the year. The persistent concerns about the Chinese economy and the plummeting price of oil have sparked a 'sell first, ask questions later' mentality in markets around the world. This has benefited mortgage shoppers, as the heightened demand for the safety of U.S. government debt brought bond yields and mortgage rates lower. The yield on the benchmark 10-year Treasury note dropped below 2 percent, bringing mortgage rates to the lowest point since early November. Mortgage rates are closely related to yields on long-term government bonds.
At the current average 30-year fixed mortgage rate of 3.98 percent, the monthly payment for a $200,000 loan is $952.53.
SURVEY RESULTS
30-year fixed: 3.98% -- down from 4.05% last week (avg. points: 0.21)
15-year fixed: 3.23% -- down from 3.29% last week (avg. points: 0.15)
5/1 ARM: 3.31% -- down from 3.40% 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-012116.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. Half of this week's respondents expect mortgage rates to keep falling in the next seven days, while 30 percent predict mortgage rates will remain more or less unchanged. Just 20 percent forecast a rebound in mortgage rates during the coming week.
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, and Caring.com, our flagship websites, and other owned and operated personal finance websites, including Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, and CreditCards.ca. 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 contact:
Kayleen Yates
Senior Director, Corporate Communications
[email protected]
(917) 368-8677
Logo - http://photos.prnewswire.com/prnh/20130805/FL58072LOGO
SOURCE Bankrate, Inc.
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article