NEW YORK, March 3, 2016 /PRNewswire/ -- Mortgage rates reversed course this week with the benchmark 30-year fixed inching higher to 3.82 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.18 discount and origination points.
The larger jumbo 30-year also saw an increase, rising to 3.74 percent, and the average 15-year fixed mortgage inched up to 3.10 percent. Adjustable mortgage rates mostly followed suit, with the 5-year and 10-year ARMs climbing to 3.32 percent and 3.67 percent, respectively.
Mortgage rates ticked slightly higher this week, but still below the level of two weeks ago and are at the third lowest point of 2016. The better tone of economic data, particularly around durable goods orders and a less dour outlook on manufacturing, coupled with reduced nervousness in financial markets, saw bond yields and mortgage rates move up from last week. Mortgage rates are closely related to yields on long-term bonds because mortgages are frequently packaged into mortgage-backed bonds. The looming employment report, if solid, could further put economic worries on the backburner and push mortgage rates upward.
At the current average 30-year fixed mortgage rate of 3.82 percent, the monthly payment for a $200,000 loan is $934.19.
30-year fixed: 3.82% -- up from 3.80% last week (avg. points: 0.18)
15-year fixed: 3.10% -- up from 3.09% last week (avg. points: 0.14)
5/1 ARM: 3.32% -- up from 3.24% last week (avg. points: 0.19)
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-030316.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 majority of the panelists, 64 percent, believe mortgage rates will continue to rise over the next week. Twenty-two percent of the respondents predict that mortgage rates will remain more or less unchanged. Only 14 percent think rates will fall over the next seven days.
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, credit cards and other categories, such as retirement, automobile loans and taxes. The Bankrate network includes Bankrate.com, CreditCards.com, and Caring.com, our flagship websites, and other owned and operated personal finance websites, including Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com and CreditCards.ca. 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 over 100 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, 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.