30 Apr, 2015, 07:30 ET
NEW YORK, April 30, 2015 /PRNewswire/ -- Mortgage rates were up slightly this week, with the benchmark 30-year fixed mortgage rate rising to 3.86 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.22 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 stepped up to 3.07 percent, while the larger jumbo 30-year fixed mortgage increased to 3.97 percent. Adjustable rate mortgages were up modestly as well, with the 5-year ARM nosing higher to 3.11 percent and the 7-year ARM now at 3.33 percent.
The increase in mortgage rates this week came despite more evidence of a weak economy in the first quarter. As expected, mortgage rates moved up early in the week ahead of the Federal Reserve meeting, and didn't react much to a report on weak economic growth in the first quarter. The initial look at first quarter Gross Domestic Product didn't elicit much of a response in bond yields and mortgage rates because it is not only backward looking, but was also widely expected. Mortgage rates are closely related to yields on long-term government bonds.
One year ago, the average 30-year fixed mortgage rate was 4.44 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,006.25. With the average rate now at 3.86 percent, the monthly payment for the same size loan would be $938.76, a savings of $67 per month for anyone refinancing now.
30-year fixed: 3.86% -- up from 3.79% last week (avg. points: 0.22)
15-year fixed: 3.07% -- up from 3.03% last week (avg. points: 0.16)
5/1 ARM: 3.11% -- up from 3.09% 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/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. Half of this week's respondents predict a retreat in mortgage rates in the coming week. There is division among the other half of respondents, with 30 percent expecting further increases and 20 percent forecasting that mortgage rates will remain more or less unchanged 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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