NEW YORK, Aug. 6, 2015 /PRNewswire/ -- Mortgage rates were slightly higher this week, with the benchmark 30-year fixed mortgage rate inching upward to 4.10 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.
The larger jumbo 30-year fixed rate dropped even further below the conforming 30-year fixed mortgage, resetting a three-month low of 4.02 percent. The average 15-year fixed mortgage ticked higher to 3.28 percent. Adjustable mortgage rates were mixed, with the 3-year ARM sliding to 3.25 percent and the 5-year ARM stepping up to 3.24 percent.
Mortgage rates were little changed on a week-over-week basis but they yo-yoed up and down during the days in between. Disappointing economic reports on consumer spending and construction spending were offset by a stellar report on the services sector. But the jawboning from members of the Federal Open Market Committee has begun, with both Dennis Lockhart and James Bullard supporting the notion of a September interest rate hike. Yields on long-term government bonds moved only slightly as the expectation is for a gradual pace of movement once the Federal Reserve begins to raise interest rates. Mortgage rates are closely related to yields on long-term government bonds.
In mid-April, mortgage rates were at the lowest point in nearly two years when the average 30-year fixed mortgage rate was 3.79 percent. At that time, a $200,000 loan would have carried a monthly payment of $930.78. With the average rate now at 4.10 percent, the monthly payment for the same size loan would be $966.40, a difference of $35 per month for anyone that sat on the fence for too long.
30-year fixed: 4.10% -- up from 4.09% last week (avg. points: 0.24)
15-year fixed: 3.28% -- up from 3.27% last week (avg. points: 0.16)
5/1 ARM: 3.24% -- up from 3.22% 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-080615.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. More than half of the panelists – 55 percent -- expect mortgage rates to move higher in the coming week, while 36 percent predict mortgage rates will remain more or less unchanged. Just 9 percent forecast a decline in mortgage rates in the coming week.
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.