NEW YORK, Oct. 22, 2015 /PRNewswire/ -- Mortgage rates were in a holding pattern this week, with the benchmark 30-year fixed mortgage sticking at 3.93 percent, the lowest since late April according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.20 discount and origination points.
The larger jumbo 30-year fixed rose to 3.91 percent; still slightly below the smaller conforming 30-year fixed mortgage. The average 15-year fixed mortgage inched lower to 3.11 percent. Adjustable mortgage rates were mixed, with the 5-year ARM holding at 3.18 percent and the 7-year ARM slipping to 3.26 percent.
Mortgage rates were little changed as little definitive information about either the global economy or U.S. economy hit the markets. The backdrop of slow global economic growth and low inflation as we head into the Federal Open Market Committee meeting means interest rates are unlikely to rise in the near term. This helps keep a lid on long-term government bonds yields, to which mortgage rates are closely related.
At the current average 30-year fixed mortgage rate of 3.93 percent, the monthly payment on a $200,000 loan is $946.78.
30-year fixed: 3.93% -- unchanged from 3.93% last week (avg. points: 0.20)
15-year fixed: 3.11% -- down from 3.14% last week (avg. points: 0.17)
5/1 ARM: 3.18% -- unchanged from 3.18% 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 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-102215.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 43 percent of the respondents forecasting an increase and 43 percent expecting mortgage rates to remain more or less unchanged in the coming week. Just 14 percent of the panelists predict a decrease in mortgage rates in the next seven days.
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, 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!, 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.