Nov 26, 2014, 07:30 ET
NEW YORK, Nov. 26, 2014 /PRNewswire/ -- Mortgage rates moved lower for a third consecutive week, with the benchmark 30-year fixed mortgage rate now 4.08 percent, according to Bankrate.com's weekly national survey. The 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 inched down to 3.29 percent and the larger jumbo 30-year fixed mortgage nosed upward to 4.14 percent. Adjustable rate mortgages were mostly lower, with the 5-year ARM retreating to 3.19 percent and the 7-year ARM pulling back to 3.51 percent.
Mortgage rates have shown relatively little movement in recent weeks, actually moving down a bit despite consistently positive data on the U.S. economy. Continued worries about the global economy and low inflation have kept a lid on long-term bond yields, with mortgage rates being a beneficiary. Mortgage rates are closely related to yields on long-term government bonds. When nervous investors bid up bond prices, bond yields move lower, with mortgage rates responding in close concert.
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 throughout 2014, and with the average rate now 4.08 percent, the monthly payment for the same size loan would be $964.08, a savings of $72 per month for anyone that waited.
30-year fixed: 4.08% -- down from 4.10% last week (avg. points: 0.29)
15-year fixed: 3.29% -- down from 3.30% last week (avg. points: 0.17)
5/1 ARM: 3.19% -- down from 3.21% last week (avg. points: 0.23)
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. The majority of panelists don't see much change in mortgage rates over the coming week, with 75 percent expecting mortgage rates to remain more or less unchanged. The remaining 25 percent forecast a decrease in mortgage rates over the next seven days. Interestingly, none of this week's respondents predict an increase in mortgage rates.
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.
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