NEW YORK, April 16, 2015 /PRNewswire/ -- Mortgage rates pulled back this week, with the benchmark 30-year fixed mortgage rate dipping to 3.79 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.21 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 inched lower to 3.03 percent while the larger jumbo 30-year fixed mortgage set a new record low of 3.90 percent. Adjustable rate mortgages were mixed, with the 5-year ARM nosing higher to 3.08 percent and the 10-year ARM drifting down to 3.54 percent.
The cold winter put a chill on the U.S. economy as evidenced by the recent softness in economic releases. The uneven economic data continues to keep everyone guessing about the timing of Federal Reserve interest rate hikes, to the benefit of mortgage borrowers. Mortgage rates are at a 23-month low, with the benchmark 30-year fixed rate averaging 3.79 percent, the lowest since May 2013. With home sales still sluggish and any material growth in household income yet to materialize, the attractive mortgage rates are one inducement that could get buyers off the sidelines, particularly with the likelihood of higher rates later in the year.
One year ago, the average 30-year fixed mortgage rate was 4.43 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,005.07. With the average rate now at 3.82 percent, the monthly payment for the same size loan would be $930.78, a savings of $74 per month for anyone refinancing now.
30-year fixed: 3.79% -- down from 3.82% last week (avg. points: 0.21)
15-year fixed: 3.03% -- down from 3.04% last week (avg. points: 0.18)
5/1 ARM: 3.08% -- up from 3.06% 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 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. This week the majority of panelists, 60 percent, expect mortgage rates to remain more or less unchanged in the coming week. Thirty percent predict further declines in mortgage rates and just 10 percent forecast a rebound 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. (NYSE: RATE)
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.