NEW YORK, June 22, 2017 /PRNewswire/ -- Mortgage rates were slightly higher this week, as the benchmark 30-year fixed mortgage rate rose to 4.05 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.23 discount and origination points.
The larger jumbo 30-year fixed held steady at 4.00 percent, and the average 15-year fixed mortgage rate was up slightly to 3.27 percent. Adjustable mortgage rates were higher as well, with the 5-year ARM rising to 3.47 percent and the 10-year ARM climbing to 3.87 percent.
Mortgage rates were little changed this week and are hovering near the lowest levels since mid-November. The backdrop of a slow growth economy with low inflation persists, and there weren't any economic releases this week to refute that. Yields on long-term government bonds remain near their lowest levels of the year also. Mortgage rates are closely related to those Treasury yields, and any movement up or down is sure to quickly translate into a corresponding move for mortgage rates.
At the current average 30-year fixed mortgage rate of 4.05 percent, the monthly payment for a $200,000 loan is $960.60.
30-year fixed: 4.05% -- up from 4.02% last week (avg. points: 0.23)
15-year fixed: 3.27% -- up from 3.25% last week (avg. points: 0.19)
5/1 ARM: 3.47% -- up from 3.41% last week (avg. points: 0.31)
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-062117.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 don't expect much change, saying mortgage rates will be more or less unchanged over the next week. One-third predict an increase in rates while just 17 percent forecast a decline in mortgage rates in the coming week.
Bankrate.com provides consumers with the expert advice and tools needed to succeed throughout life's financial journey. For over two decades, Bankrate.com has been a leading personal finance destination. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. 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 more than 100 cobranded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the internet, such as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate licenses editorial content to more than 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times and The Los Angeles Times.
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