NEW YORK, Aug. 7, 2014 /PRNewswire/ -- Mortgage rates were little changed once again this week, extending the recent trend. The benchmark 30-year fixed mortgage rate nosed higher to 4.29 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.29 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 was unchanged at 3.40 percent, while the larger jumbo 30-year fixed mortgage rate also held steady at 4.39 percent. Adjustable rate mortgages moved lower, with the 5-year ARM sliding to 3.34 percent and the 10-year ARM retreating to 3.82 percent.
Mortgage rates continue to exemplify the 'dog days of summer.' Fixed mortgage rates, and to some extent adjustable mortgage rates, have shown little movement since mid-May. Even a bevy of economic releases and a Federal Reserve meeting in the preceding week did little to jolt interest rates to life, with good economic news counteracted by global tensions. As a result, both bond yields and mortgage rates have been held in check. Mortgage rates are closely related to yields on long-term government debt.
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 4.29 percent, the monthly payment for the same size loan would be $988.57, a savings of $48 per month for anyone that waited.
30-year fixed: 4.29% -- up from 4.28% last week (avg. points: 0.29)
15-year fixed: 3.40% -- unchanged from last week (avg. points: 0.19)
5/1 ARM: 3.34% -- down from 3.38% last week (avg. points: 0.15)
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. According to the panelists, rates aren't headed much of anywhere. Nearly three-fourths of the panelists – 73 percent - expect mortgage rates to remain more or less unchanged over the coming week. Just 18 percent predict mortgage rates will decline, and only 9 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/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.
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SOURCE Bankrate, Inc.