NEW YORK, July 17, 2014 /PRNewswire/ -- Mortgage rates were essentially unchanged over the past week, according to Bankrate.com (NYSE: RATE). The national average 15- and 30-year fixed mortgage rates both fell by one basis point, to 3.40 and 4.30 percent, respectively.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/
The larger jumbo 30-year fixed mortgage rate increased four basis points to 4.37 percent, while the 5-year ARM held steady at 3.33 percent.
Like many Americans, mortgage rates seem to be taking a midsummer vacation. Economic news has been mixed, and Federal Reserve Chair Janet Yellen's recent Senate testimony indicated that the central bank will not announce a rate hike anytime soon. That's good news for borrowers who have not refinanced yet or need more time to find a house. But don't expect mortgage rates to rest forever.
As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,036. After drifting lower throughout 2014, the average rate is now 4.31 percent, and the monthly payment for the same size loan would be $990, a savings of $46 per month for anyone that waited.
30-year fixed: 4.30% -- down from 4.31% last week (avg. points: 0.30)
15-year fixed: 3.40% -- down from 3.41% last week (avg. points: 0.16)
5/1 ARM: 3.33% -- unchanged from last week (avg. points: 0.18)
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/mortgagerates
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. Most of the panelists (86 percent) expect mortgage rates to remain more or less unchanged over the coming week, while the remaining 14 percent predict mortgage rates will rise. For a second straight week, none of the respondents predict a decrease in mortgage rates over the next seven days.
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 https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.
About Bankrate, Inc.
Bankrate (NYSE: RATE) 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, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe.com, and NetQuote.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!, CNN Money, CNBC, and Comcast. 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:
Ted Rossman Public Relations Manager email@example.com (917) 368-8635
SOURCE Bankrate, Inc.