NEW YORK, Sept. 11, 2014 /PRNewswire/ -- Mortgage rates showed a minor increase this week, with the benchmark 30-year fixed mortgage rate nosing higher to 4.27 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.30 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 rate climbed to 3.42 percent, while the larger jumbo 30-year fixed mortgage rate held steady at 4.35 percent. Adjustable rate mortgages were higher also, with the 5-year ARM inching up to 3.29 percent while the 7-year ARM increased to 3.59 percent.
Mortgage rates notched slightly higher this week, despite an employment report that was a bit of a letdown. Oftentimes, a disappointing jobs report pushes down both bond yields and mortgage rates. But the jobs report wasn't so disappointing as to deter the Federal Reserve from continuing to taper their bond purchases or alter their timetable for raising short-term interest rates. Both bond yields and mortgage rates were slightly higher in anticipation that the Fed will continue to hint at the eventuality of interest rates at next week's scheduled meeting. Mortgage rates are closely related to yields on long-term government bonds.
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 $1,036.07. Mortgage rates have moved lower thus far in 2014, and with the average rate now 4.27 percent, the monthly payment for the same size loan would be $986.22, a savings of more than $50 per month for anyone that waited.
SURVEY RESULTS
30-year fixed: 4.27% -- up from 4.24% last week (avg. points: 0.30)
15-year fixed: 3.42% -- up from 3.37% last week (avg. points: 0.18)
5/1 ARM: 3.29% -- up from 3.25% last week (avg. points: 0.16)
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 majority of this week's panelists believe that mortgage rates will remain more or less unchanged. Just 14 percent forecast a decline in mortgage rates, while the remaining 29 percent expect mortgage rates to rise 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
https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.
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, CreditCards.com and InsuranceQuotes.com, our flagship websites, and other owned and operated personal finance websites, including Caring.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services, CarInsuranceQuotes.com, InsureMe, CreditCards.ca, 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!, 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.
For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
[email protected]
(917) 368-8677
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SOURCE Bankrate, Inc.
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