NEW YORK, Nov. 13, 2014 /PRNewswire/ -- Mortgage rates were little changed over the past week, with the benchmark 30-year fixed mortgage rate ticking lower to 4.13 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.27 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 dipped to 3.32 percent, while the larger jumbo 30-year fixed mortgage rate nosed higher to 4.15 percent. Adjustable rate mortgages were mixed, with the 5-year ARM rising to 3.22 percent and the 7-year ARM stepping back to 3.50 percent.
Mortgage rates have entered a period of tranquility following the volatility seen in the first half of October. The monthly employment report showed continued solid job creation, underscoring the strength of the U.S. economic recovery. But meager wage growth is a counterbalance that could prompt the Federal Reserve to keep interest rates low, despite improving economic fundamentals. As this tug of war plays out, mortgage rates and bond yields remain in a holding pattern. Mortgage rates are closely related to yields on long-term government bonds.
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 thus far in 2014, and with the average rate now 4.13 percent, the monthly payment for the same size loan would be $969.88, a savings of $66 per month for anyone that waited.
SURVEY RESULTS
30-year fixed: 4.13% -- down from 4.14% last week (avg. points: 0.27)
15-year fixed: 3.32% -- down from 3.34% last week (avg. points: 0.18)
5/1 ARM: 3.22% -- up from 3.18% last week (avg. points: 0.15)
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 70 percent expecting mortgage rates to remain more or less unchanged. The remainder are evenly split, with 15 percent forecasting an increase and 15 percent predicting a decline in the next seven days.
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, taxes and senior living. 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, 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 in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing, on average, over three million pieces of information weekly. Bankrate develops and provides web services to over 75 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, CNN Money, CNBC and Comcast. In addition, Bankrate licenses editorial content to over 100 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times and The Boston Globe.
For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
[email protected]
(917) 368-8677
Logo - http://photos.prnewswire.com/prnh/20130805/FL58072LOGO
SOURCE Bankrate, Inc.
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article