NEW YORK, Feb. 23, 2017 /PRNewswire/ -- Mortgage rates pulled back this week, with the benchmark 30-year fixed mortgage rate retreating to 4.29 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.29 discount and origination points.
The larger jumbo 30-year fixed fell to 4.28 percent, while the average 15-year fixed mortgage rate eased to 3.48 percent. Adjustable mortgage rates also moved lower, with the 5-year ARM sinking to 3.45 percent and the 7-year ARM dropping to 3.68 percent.
Mortgage rates continue yo-yoing up and down within a narrow range. In the past month, the benchmark 30-year fixed mortgage rate has remained within a range of just one-twelfth of a percentage point. Mortgage rates have been moving up and down as the focus shifts between improving economic data and the unknowns of forthcoming fiscal policy. This week mortgage rates moved lower amid uncertainty about the specifics of expected government stimulus and legislative changes. Mortgage rates are closely related to yields on long-term government bonds.
At the current average 30-year fixed mortgage rate of 4.29 percent, the monthly payment for a $200,000 loan is $988.57.
30-year fixed: 4.29% -- down from 4.35% last week (avg. points: 0.29)
15-year fixed: 3.48% -- down from 3.51% last week (avg. points: 0.22)
5/1 ARM: 3.45% -- down from 3.51% last week (avg. points: 0.29)
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-022217.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. Half of the panelists don't expect mortgage rates to change in the coming week, while one-third forecast a rebound. Just 17 percent predict further declines in mortgage rates in the next seven days.
Bankrate.com provides consumers with the expert advice and tools needed to succeed throughout life's financial journey. For over two decades, Bankrate.com has been a leading personal finance destination. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. 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 more than 100 cobranded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the internet, such as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate licenses editorial content to more than 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times and The Los Angeles Times.
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