NEW YORK, Feb. 19, 2015 /PRNewswire/ -- Mortgage rates continue to rise this week, with the benchmark 30-year fixed mortgage rate climbing to 3.96 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 increased to 3.21 percent while the larger jumbo 30-year fixed mortgage hit a 2-month high of 4.11 percent. Adjustable rate mortgages were mixed, with the 5-year ARM dipping slightly to 3.31 percent and the 7-year ARM inching up to 3.52 percent.
Mortgage rates climbed again as U.S. economic performance has been convincing enough to increase the odds of a June interest rate hike by the Federal Reserve. Mortgage rates had fallen as the year got under way on concerns over international growth. Those concerns haven't gone away, and in fact have increased with Ukraine and Greece now drawing attention. However, these international concerns are being overshadowed by the increased likelihood of a mid-year Fed interest rate hike. Mortgage rates are closely related to yields on long-term government bonds.
One year ago, the average 30-year fixed mortgage rate was 4.48 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,011.00. With the average rate now at 3.96 percent, the monthly payment for the same size loan would be $950.22, a savings of $61 per month for anyone refinancing now.
30-year fixed: 3.96% -- up from 3.90% last week (avg. points: 0.30)
15-year fixed: 3.21% -- up from 3.17% last week (avg. points: 0.19)
5/1 ARM: 3.31% -- down from 3.32% 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. Just under half of the panelists, 46 percent, expect mortgage rates to continue to climb. Thirty –one percent forecast that mortgage rates will remain more or less unchanged, while the remaining 23 percent predict that mortgage rates will pull back over the next week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx.
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, InsuranceQuotes.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, CarInsuranceQuotes.com, Insweb.com, CreditCards.ca, and NetQuote.com. 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!, 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.