NEW YORK, Aug. 9, 2017 /PRNewswire/ -- Mortgage rates were little changed this week, with the benchmark 30-year fixed mortgage rate holding at 4.04 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.25 discount and origination points.
The larger jumbo 30-year fixed dipped to 4.03 percent, and the average 15-year fixed mortgage rate inched backward to 3.27 percent. Adjustable mortgage rates were little changed as well, with the 5-year ARM nosing higher to 3.49 percent and the 7-year ARM remaining at 3.66 percent.
Much like the lazy days of summer, mortgage rates are just lounging around not doing much of anything. Mortgage rates have remained in a very narrow range, one-eighth of a percentage point, for the past two months. The relative calm in financial markets is translating over to mortgage rates, as they are closely related to yields on long-term government bonds. Even a stronger than expected jobs report wasn't enough to lift bond yields and mortgage rates in a significant way, owing to the preponderance of lower paying jobs being created, the sluggish growth in hourly earnings and the overall low rate of inflation that likely keeps the Federal Reserve from hiking interest rates in the near term. Whether it is geopolitical tensions, dysfunction in Washington, or the looming deadlines to raise the debt ceiling and avert a government shutdown, the lack of volatility may prove short-lived. Should any of these issues come to a head, investors will likely grow nervous - and financial markets turbulent - in a hurry.
At the current average 30-year fixed mortgage rate of 4.04 percent, the monthly payment for a $200,000 loan is $959.45.
30-year fixed: 4.04% -- unchanged from last week (avg. points: 0.25)
15-year fixed: 3.27% -- down from 3.28% last week (avg. points: 0.21)
5/1 ARM: 3.49% -- up from 3.48% last week (avg. points: 0.31)
Bankrate's national weekly mortgage survey was conducted Tuesday 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-080817.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. Half of the panelists expect mortgage rates to fall, while 30 percent predict they will remain more or less unchanged. Just 20 percent forecast an increase in mortgage rates over the next week.
Bankrate.com provides consumers with the expert advice and tools needed to succeed throughout life's financial journey. For over two decades, Bankrate.com has been a leading personal finance destination. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. 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 more than 100 cobranded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the internet, such as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate licenses editorial content to more than 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times and The Los Angeles Times.
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