Bankrate: Mortgage Rates Post Biggest One-Week Increase Since 2008 Financial Crisis
NEW YORK, June 27, 2013 /PRNewswire/ -- Mortgage rates jumped nearly one-half percentage point in the past week, with the benchmark 30-year fixed mortgage rate reaching the highest point in nearly two years at 4.61 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.29 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 soared to 3.73 percent, while the larger jumbo 30-year fixed mortgage rate is at a 14-month high of 4.75 percent. Adjustable rate mortgages moved higher also. The popular 5-year adjustable rate climbed to 3.45 percent, the highest in more than two years, while the 10-year adjustable hit 4 percent for the first time since August 2011.
Mortgage rates posted the biggest one week increase since the 2008 failure of Lehman Brothers that pushed the global financial system to the brink. This week, the catalyst was something far more benign. Federal Reserve Chairman Ben Bernanke indicated that continued improvement in the economy could prompt the Fed to begin dialing back their bond-buying stimulus later this year.
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 4.61 percent, the monthly payment for the same size loan would be $1,026.48, a difference of $126 per month for anyone that waited just a little too long.
30-year fixed: 4.61% -- up from 4.12% last week (avg. points: 0.29)
15-year fixed: 3.73% -- up from 3.30% last week (avg. points: 0.25)
5/1 ARM: 3.45% -- up from 2.99% last week (avg. points: 0.30)
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. Half of respondents expect rates to stabilize, remaining more or less unchanged over the next week, with 30 percent forecasting a pullback in rates. Just 20 percent forecast continued increases in 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 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.