NEW YORK, Dec. 24, 2014 /PRNewswire/ -- Mortgage rates rose for the first time in seven weeks, according to Bankrate.com's (NYSE: RATE) weekly national survey. The benchmark 30-year fixed mortgage rate increased two basis points to 3.96% and the 15-year fixed rate stepped up four basis points to 3.25%.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/
The jumbo 30-year fixed mortgage rate and the 5-year ARM were higher as well, to 4.09% and 3.28%, respectively.
Investors continue to be concerned about the health of economies overseas with evidence that China's growth is slowing, the Eurozone countries are struggling and Japan's future remains uncertain. The recent swan dive by the Russian ruble only deepened worries about the global economy. Those concerns have pushed international investors to pour money into U.S. bonds as a safe haven. That is keeping yields on the 10-year Treasury low (and mortgage rates tend to track 10-year Treasuries).
As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69%. At that time, a $200,000 loan carried a monthly payment of $1,036.07. With 2014 nearing an end and the average rate at 3.96%, the monthly payment for the same size loan would be $950.22, a savings of approximately $86 per month for anyone that waited.
30-year fixed: 3.96% -- up from 3.94% last week (avg. points: 0.34)
15-year fixed: 3.25% -- up from 3.21% last week (avg. points: 0.19)
5/1 ARM: 3.28% -- up from 3.21% last week (avg. points: 0.21)
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 (the survey was conducted on Tuesday this week due to the Christmas holiday).
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. Most of the panelists (54%) expect rates to remain more or less unchanged over the next week. 45% forecast an increase and 0% say rates will decrease.
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, 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.
For more information, contact:
Ted Rossman Public Relations Manager firstname.lastname@example.org (917) 368-8635
SOURCE Bankrate, Inc.