NEW YORK, Aug. 11, 2016 /PRNewswire/ -- Mortgage rates were little changed despite a strong jobs report for July, with the benchmark 30-year fixed mortgage rate remaining at 3.56 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.23 discount and origination points.
The larger jumbo 30-year fixed moved to a record low for the second consecutive week at 3.58 percent, while the average 15-year fixed mortgage rate inched higher to 2.84 percent. Adjustable mortgage rates were slightly higher, with the 5-year ARM rising to 3.04 percent and the 10-year ARM climbing to 3.47 percent.
There was little movement and no clear trend in mortgage rates this week, with various products posting slight declines, minor increases, or no change at all. This comes despite the release of a better-than-expected employment report for July that also saw upward revisions to the job growth of the two previous months. The low level of long-term bond yields, to which mortgage rates are closely related, in the face of bullish economic data shows the market's skepticism about a Federal Reserve interest rate hike before December. Unless, or until, Fed Chair Janet Yellen sends a different message, mortgage rates appear to be range bound.
At the current average 30-year fixed mortgage rate of 3.56 percent, the monthly payment for a $200,000 loan is $904.80.
30-year fixed: 3.56% -- unchanged from last week (avg. points: 0.23)
15-year fixed: 2.84% -- up from 2.83% last week (avg. points: 0.19)
5/1 ARM: 3.04% -- up from 3.01% last week (avg. points: 0.27)
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-081116.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. The consensus, according to 70 percent of the panelists, is that mortgage rates will remain more or less unchanged over the next week, while 20 percent forecast a decline. Just 10 percent predict an increase in mortgage rates over the next seven days.
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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