Bankrate: Mortgage Rates Nudge Upward
NEW YORK, Dec. 19, 2013 /PRNewswire/ -- Mortgage rates increased slightly this week, with the benchmark 30-year fixed mortgage rate rising to 4.58 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.38 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 edged up to 3.63 percent, while the larger jumbo 30-year fixed mortgage rate rose five basis points to 4.60 percent. Adjustable rate mortgages were mixed: the 3-year ARM remained at 3.28 percent, the 5-year dipped to 3.33 percent and the 7-year ticked up to 3.71 percent.
Mortgage rates were little changed over the last week in the lead up to the Federal Reserve meeting. Even with the Federal Reserve's announcement of a tapering to the pace of the bond purchases, don't expect a dramatic spike in mortgage rates. Rather, a tapering was inevitable and even this week's announcement won't actually take effect until January. The tapering itself is both modest – scaling back from $85 billion to $75 billion per month – but also a vote of confidence in the continuing economic recovery.
As recently as May 1st, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.58 percent, the monthly payment for the same size loan would be $1,022.90, a difference of approximately $123 per month for anyone that waited too long.
30-year fixed: 4.58% -- up from 4.55% last week (avg. points: 0.38)
15-year fixed: 3.63% -- up from 3.60% last week (avg. points: 0.27)
5/1 ARM: 3.33% -- down from 3.34% last week (avg. points: 0.26)
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. The majority of this week's respondents, 57 percent, expect mortgage rates to rise over the next week, while 14 percent predict mortgage rates will fall. The remaining 29 percent forecast that mortgage rates will remain more or less unchanged in the coming week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx
To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0, go to
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.
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