Bankrate: Mortgage Rates Move Up Slightly

NEW YORK, Oct. 23, 2014 /PRNewswire/ -- Mortgage rates rebounded slightly after last week's sharp drop, with the benchmark 30-year fixed mortgage rate rising to 4.05 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.27 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 trickled lower to 3.21 percent, while the larger jumbo 30-year fixed mortgage rate nosed higher to 4.10 percent. Adjustable rate mortgages were also higher, with the 5-year ARM moving up to 3.14 percent and the 7-year ARM climbing to 3.42 percent.       

Mortgage rates posted a very slight rebound as financial markets stabilized and tensions about the Ebola virus, corporate earnings, and the global economy all eased. Just one week ago, as financial markets were suddenly gripped with worry, volatility spiked with investors stampeding into bonds, driving both bond yields and mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds. As some sense of calm returned to markets, bond yields rebounded from last week's depths, producing a slight increase in mortgage rates compared to one week ago.  

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 4.05 percent, the monthly payment for the same size loan would be $960.60, a savings of $75 per month for anyone that waited.

SURVEY RESULTS

30-year fixed: 4.05% -- up from 4.01% last week (avg. points: 0.27)

15-year fixed: 3.21% -- down from 3.23% last week (avg. points: 0.14)

5/1 ARM: 3.14% -- up from 3.09% last week (avg. points: 0.12)

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. Don't expect any notable movement in mortgage rates, according to 92 percent of the panelists that predict mortgage rates will remain more or less unchanged over the coming week. The remaining 8 percent forecast a continued rebound in rates. Interestingly, none of this week's respondents predict a decline in mortgage rates over the coming 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 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.

Related Links

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