Bankrate: Mortgage Rates Tumble for 3rd Consecutive Week
NEW YORK, April 4, 2013 /PRNewswire/ -- Fixed mortgage rates retreated after some lukewarm economic reports, with the benchmark 30-year fixed mortgage rate pulling back to 3.73 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.3 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 dipped to 2.95 percent, while the larger jumbo 30-year fixed mortgage fell to 4.07 percent. Adjustable rate mortgages were mixed, with the 3-year ARM and 5-year ARM inching higher to 2.98 percent and 2.72 percent, respectively. The 10-year ARM slipped to 3.26 percent, the lowest since late February.
Following the events in Cyprus and now some uninspiring economic data here in the U.S., mortgage rates have pulled back for three consecutive weeks to the lowest levels in a month. But jobs are the next likely catalyst for mortgage rates, as the monthly jobs report supplants all other economic data in taking the temperature of the economy, particularly with the Fed specifically citing the unemployment rate as a key marker in their monetary policy.
The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 3.73 percent, the monthly payment for the same size loan would be $923.96, a difference of $158 per month for anyone refinancing now.
30-year fixed: 3.73% -- down from 3.75% last week (avg. points: 0.30)
15-year fixed: 2.95% -- down from 2.97% last week (avg. points: 0.30)
5/1 ARM: 2.72% -- up from 2.71% last week (avg. points: 0.24)
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. Nearly half of the panelists – 46 percent – expect mortgage rates to fall further while 36 percent predict mortgage rates will remain more or less unchanged. Just 18 percent forecast an increase in mortgage rates over the next seven days.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.
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.