NEW YORK, March 4 /PRNewswire-FirstCall/ -- Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage dipping to 5.12 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.
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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/
The average 15-year fixed mortgage tied a record low of 4.46 percent and the larger jumbo 30-year fixed rate fell to 5.92 percent. Adjustable rate mortgages were also lower, with the average 3-year ARM declining to 4.43 percent while the 5-year ARM hit a new low of 4.46 percent.
Mortgage rates slipped following higher than expected jobless claims. Continued nervousness about the strength and sustainability of the economic recovery has helped keep rates low, and this week, bring them even lower. However, mortgage rates could start marching higher in the coming weeks as the Federal Reserve stops buying mortgage-backed securities. The Fed gets much of the credit for the ultra-low mortgage rates enjoyed over the past 16 months as they've been the primary buyer of mortgage bonds in that time. Mortgage rates were last above 6 percent in November 2008, right before the Fed began those purchases.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 5.12 percent, the monthly payment for the same size loan would be $1,088.36, a savings of $153 per month for a homeowner refinancing now.
SURVEY RESULTS 30-year fixed: 5.12% -- down from 5.15% last week (avg. points: 0.39) 15-year fixed: 4.46% -- down from 4.52% last week (avg. points: 0.40) 5/1 ARM: 4.46% -- down from 4.53% 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 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 week. Don't expect mortgage rates to fall any further. The respondents believe rates will either rise, as 43 percent voted, or remain unchanged, as the other 57 percent voted. None of the panelists forecasts a decline in mortgage rates over the next week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI
About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers. Bankrate, Inc. was acquired by Apax Partners, one of the world's leading private equity investment groups, in September 2009. Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.
For more information contact: |
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Kayleen Yates |
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Senior Director, Corporate Communications |
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(917) 368-8677 |
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SOURCE Bankrate, Inc.
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