Bankrate: Mortgage Rates Rise for 2nd Straight Week
NEW YORK, April 3, 2014 /PRNewswire/ -- Mortgage rates were slightly higher for a second week in a row, with the benchmark 30-year fixed mortgage rate rising to 4.54 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 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 nosed higher to 3.58 percent, while the larger jumbo 30-year fixed mortgage rate was a touch higher at 4.54 percent. Adjustable rate mortgages were slightly lower, unwinding a portion of last week's increase. The popular 5-year adjustable is now 3.34 percent and the 7-year ARM is at 3.61 percent.
Fixed mortgage rates are at the highest level since mid-January, which is more a testament to how tame rates have been during that time. The average 30-year fixed mortgage rate has stayed within a one-tenth percentage point band over that period of time. But we have seen a slight uptrend over the past two weeks, particularly with economic and geopolitical jitters waning. Whether the upcoming jobs report keeps this trend intact, or surfaces renewed economic concerns, will determine the next move for mortgage rates.
On May 1, 2013, 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. Just eleven months later, with the average rate at 4.54 percent, the monthly payment for the same size loan would be $1,018.13, a difference of $118 per month for anyone that waited too long.
30-year fixed: 4.54% -- up from 4.51% last week (avg. points: 0.39)
15-year fixed: 3.58% -- up from 3.56% last week (avg. points: 0.23)
5/1 ARM: 3.34% -- down from 3.36% last week (avg. points: 0.21)
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. The panelists are divided, with half expecting mortgage rates to remain more or less unchanged in the coming week, and the other half evenly split. One-quarter forecast an increase in mortgage rates and the other 25 percent predict a decline in mortgage rates in the next 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 (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:
Public Relations Manager
SOURCE Bankrate, Inc.