NEW YORK, Dec. 17, 2015 /PRNewswire/ -- Mortgage rates were a touch higher in the days leading up to the Federal Open Market Committee meeting, with the benchmark 30-year fixed mortgage now 4.09 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.26 discount and origination points.
The larger jumbo 30-year fixed inched higher to 4.03 percent, but remains below the smaller conforming 30-year fixed mortgage. The average 15-year fixed mortgage increased to 3.34 percent. Adjustable mortgage rates were mostly higher, with the 5-year ARM rising to 3.42 percent and the 7-year ARM holding at 3.65 percent.
There was little movement in mortgage rates ahead of a much anticipated interest rate hike by the Federal Reserve. With the Fed delivering exactly what was expected – a quarter-point rate hike now and a pledge of a gradual pace going forward – there was a ho-hum reaction in the government bond market, with no sharp moves in mortgage rates likely at this point. Mortgage rates are closely related to yields on long-term government bonds.
At the current average 30-year fixed mortgage rate of 4.09 percent, the monthly payment on a $200,000 loan is $965.24.
30-year fixed: 4.09% -- up from 4.06% last week (avg. points: 0.26)
15-year fixed: 3.34% -- up from 3.27% last week (avg. points: 0.16)
5/1 ARM: 3.42% -- up 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-121715.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 the panelists predict mortgage rates will remain more or less unchanged in the next 7 days. One-third of respondents forecast an increase while just 17 percent expect a decline in mortgage rates over the next 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, 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.
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SOURCE Bankrate, Inc.