NEW YORK, Feb. 18, 2016 /PRNewswire/ -- Mortgage rates rebounded after falling for six consecutive weeks, with the benchmark 30-year fixed mortgage rising to 3.85 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.19 discount and origination points.
The larger jumbo 30-year fixed moved up to 3.75 percent, and the average 15-year fixed mortgage clawed back to 3.12 percent. Adjustable mortgage rates were on the rise too, with the 5-year and 7-year ARMs both retracing some of the recent decline, stepping up to 3.28 percent and 3.43 percent, respectively.
Mortgage rates bounced off the nearly 3-year lows of last week as financial markets rebounded a bit. However, the increase was minor as markets remain jittery. As a result, mortgage rates are still lower than they were two weeks ago. The decreased likelihood of higher interest rates, not to mention the implementation of negative interest rates in Japan, has kept demand high for the safety of U.S. government debt and both bond yields and mortgage rates low. Mortgage rates are closely related to yields on long-term government bonds.
At the current average 30-year fixed mortgage rate of 3.85 percent, the monthly payment for a $200,000 loan is $937.62.
30-year fixed: 3.85% -- up from 3.78% last week (avg. points: 0.19)
15-year fixed: 3.12% -- up from 3.06% last week (avg. points: 0.15)
5/1 ARM: 3.28% -- up from 3.18% last week (avg. points: 0.20)
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-021816.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. There is no clear consensus this week, with 42 percent of the respondents predicting that mortgage rates will continue to rebound and an equal 42 percent expecting mortgage rates to remain more or less unchanged over the next seven days. Just 16 percent forecast additional declines 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, credit cards and other categories, such as retirement, automobile loans and taxes. The Bankrate network includes Bankrate.com, CreditCards.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 and CreditCards.ca. 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!, 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.