NEW YORK, Feb. 12, 2015 /PRNewswire/ -- Mortgage rates were up modestly this week, with the benchmark 30-year fixed mortgage rate rising to a 2015 high water mark of 3.90 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.29 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 increased to 3.17 percent while the larger jumbo 30-year fixed mortgage hit a 2-month high of 4.10 percent. Adjustable rate mortgages moved higher also, with the 5-year ARM jumping to 3.32 percent and the 7-year ARM bouncing higher to 3.51 percent.
Mortgage rates broke out this week after an extended period of calm, boosted by positive economic data and a surprisingly strong monthly employment report. Job growth, in particular, has surged significantly in recent months, enough to bring forward expectations of a Federal Reserve interest rate hike to as early as the June 2015 meeting. The strength of the U.S. economy, at least for this week, was enough to overshadow the concerns about slower growth in both developed and emerging markets around the globe. The prospects for higher rates sapped some of the demand for bonds, with both government bond yields and mortgage rates moving higher in response. Mortgage rates are closely related to yields on long-term government bonds.
One year ago, the average 30-year fixed mortgage rate was 4.48 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,011.00. With the average rate now at 3.90 percent, the monthly payment for the same size loan would be $943.34, a savings of $67 per month for anyone refinancing now.
SURVEY RESULTS
30-year fixed: 3.90% -- up from 3.80% last week (avg. points: 0.29)
15-year fixed: 3.17% -- up from 3.12% last week (avg. points: 0.20)
5/1 ARM: 3.32% -- up from 3.20% 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 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. More than half of the panelists, 58 percent, expect mortgage rates to continue climbing. One-in-four forecast that mortgage rates will remain more or less unchanged, while just 17 percent predict that mortgage rates will pull back.
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:
Kayleen Yates
Senior Director, Corporate Communications
[email protected]
(917) 368-8677
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SOURCE Bankrate, Inc.
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