Bankrate: Mortgage Rates Continue to Rise

NEW YORK, July 6, 2017 /PRNewswire/ -- Mortgage rates nudged higher for the third week in a row, as the benchmark 30-year fixed mortgage rate rose to 4.16 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.25 discount and origination points.

The larger jumbo 30-year fixed climbed to 4.10 percent, and the average 15-year fixed mortgage rate was up to 3.37 percent. Adjustable mortgage rates saw increases also, with the 5-year ARM rising to 3.58 percent and the 10-year ARM jumping to 3.99 percent.  

Mortgage rates ticked up again this week, yet still linger lower than levels before the 2016 election. Rates have risen as the yield on the 10-year Treasury has increased over the past few weeks. Bond prices and yields have an inverse relationship. The Fed minutes released today show that policymakers are committed to another rate increase this year, likely in December, and could start to unwind their $4.5 trillion balance sheet sometime this year, though there's no firm timeline. Low inflation is believed to be "idiosyncratic" and shouldn't extend too far into the future. 

At the current average 30-year fixed mortgage rate of 4.16 percent, the monthly payment for a $200,000 loan is $973.37.

SURVEY RESULTS

30-year fixed: 4.16% -- up from 4.07% last week (avg. points: 0.25)

15-year fixed: 3.37% -- up from 3.31% last week (avg. points: 0.21)

5/1 ARM: 3.58% -- up from 3.52% last week (avg. points: 0.36)

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-070517.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. This week, 22 percent of the panelists believe mortgage rates will rise over the next week or so; 11 percent think rates will fall; and 66 percent believe rates will remain relatively unchanged in the coming week.

About Bankrate.com:

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.

For more information: 
Kayleen (Katie) Yates
VP, Corporate Communications
[email protected] 
(917) 368-8677

SOURCE Bankrate