Bankrate: Mortgage Rates Fall to a 3-Month Low
NEW YORK, April 11, 2013 /PRNewswire/ -- Fixed mortgage rates fell after a disappointing jobs report, with the benchmark 30-year fixed mortgage rate retreating to 3.64 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 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 pulled back to 2.89 percent, while the larger jumbo 30-year fixed mortgage is at the lowest point of the year, 4.03 percent. Adjustable rate mortgages were lower across the board, albeit more modestly. The 5-year ARM and 7-year ARM are at the lowest levels in the past month, at 2.7 percent and 2.9 percent, respectively.
Mortgage rates have now fallen four consecutive weeks. The pullback started with the banking crisis in Cyprus, continued with a run of uninspiring U.S. economic data, and picked up speed with the weak jobs report. But as the sting of the lousy jobs report slowly wears off, we'll likely see mortgage rates crawling back over the coming week.
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 3.64 percent, the monthly payment for the same size loan would be $913.79, a difference of $168 per month for anyone refinancing now.
30-year fixed: 3.64% -- down from 3.73% last week (avg. points: 0.35)
15-year fixed: 2.89% -- down from 2.95% last week (avg. points: 0.23)
5/1 ARM: 2.70% -- down from 2.72% 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. Two-thirds of the panelists – 67 percent – don't expect much change in mortgage rates in the next week, while the remaining one-third, 33 percent, predict an increase. Interestingly, none of the respondents is forecasting further declines in mortgage rates 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
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.