Tag Archives: mortgage rates

Mortgage Rates Slide to Another Record Low

NEW YORK, Feb. 16, 2012  — The average rate on the benchmark 30-year fixed mortgage rate fell to a new low of 4.1 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed mortgage inched lower to 3.35 percent, while the jumbo 30-year fixed mortgage nosed higher to 4.56 percent. Adjustable mortgage rates were mostly lower, with the average 3-year ARM falling to a record low of 3.23 percent, while the 5-year adjustable slid to 3.03 percent.

Mortgage rates remain in a familiar holding pattern, with subtle fluctuations week-to-week. Despite the better footing on which the U.S. economy currently rests, the unfolding developments with the European debt crisis continue to keep mortgage rates in check.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed 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 4.10 percent, the monthly payment for the same size loan would be $966.40, a difference of $275 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.10% — down from 4.14% last week (avg. points: 0.35)

15-year fixed: 3.35% — down from 3.36% last week (avg. points: 0.33)

5/1 ARM: 3.03% — down from 3.05% last week (avg. points: 0.29)

Mortgage Rates Continue to Fall

CHARLOTTE, N.C. Aug. 17, 2011 /PRNewswire/ — Average mortgage rates continued to fall week-over-week, once again marking the year’s lowest levels according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.

On August 16, average home loan rates offered by LendingTree network lenders were 4.35% (4.59% APR) for 30-year fixed mortgages, 3.59% (3.68% APR) for 15-year fixed mortgages and 3.56% (3.80% APR) for 5/1 adjustable rate mortgages (ARM). Average 30-year and 15-year fixed showed a 14% decrease week-over-week.

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 3.875 percent (4.01% APR) for a 30-year fixed mortgage, 3.125 percent (3.36% APR) for a 15-year fixed mortgage and 2.50 percent (3.04% APR) for a 5/1 ARM, showing about a 50 basis point difference between average and lowest rates offered.

“Lenders on the network have recently seen more borrowers make the rational switch to shorter-term mortgages,” says Mark Fowler, senior vice president of exchange operations at LendingTree. “With rates as low as we’re seeing today, it makes sense to consider shorter term loan options where borrowers can quickly build equity and pay less interest. Homeowners who want to refinance should at least look into less popular loan options like a 15-year fixed-rate mortgage.  If it financially makes, you’ll be able to shave years off the loan”

Mortgage Rates Inch Higher

NEW YORK, July 28, 2011 /PRNewswire/ — Mortgage rates turned course this week with the benchmark conforming 30-year fixed mortgage rate rising to 4.74 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.35 discount and origination points.

The average 15-year fixed mortgage moved up to 3.83 percent, as did the larger jumbo 30-year fixed rate, which is now 5.19 percent. Adjustable rate mortgages moved lower as well, with the average 5-year ARM sliding to 3.34 percent and the 7-year ARM falling to 3.57 percent.

Mortgage rates inched up this week as investors were worried by political gridlock over how to raise the national debt ceiling and cut the deficit. Industry analysts have made it clear that if the United Statesdefaults and the national debt is downgraded, mortgage rates could spike immediately. But the uncertainty over what Congress will decide over the next few days has already started to shake the mortgage world, as investors question if it’s still safe to invest in U.S. bonds.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed 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 4.74 percent, the monthly payment for the same size loan would be $1,042.86, a difference of $199 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.74% — up from 4.68% last week (avg. points: 0.35)

15-year fixed: 3.83% — up from 3.82% last week (avg. points: 0.37)

5/1 ARM: 3.34% — down from 3.36% last week (avg. points: 033.)

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.

Mortgage Rates Reverse Course

NEW YORK, June 16, 2011 /PRNewswire/ — Mortgage rates increased this week, following a nine-week streak of declines. The benchmark conforming 30-year fixed mortgage rate is now 4.71 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points.

The average 15-year fixed mortgage jumped up to 3.86 percent and the larger jumbo 30-year fixed rate ticked up to 5.20 percent. Adjustable rate mortgages were higher also, with the average 5-year ARM rising to 3.40 percent and the 7-year ARM climbing to 3.63 percent.

Following nine straight weeks of declines, this week’s increase puts mortgage rates back to where they were the last week in May. The turnaround wasn’t spurred by economic news that was any better. It just wasn’t any worse. Further, the release of producer and consumer price measures for the month of May show inflation isn’t going away despite lower commodity prices. This is likely to put a floor under mortgage rates, pending any evidence of continued economic weakening.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed 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 4.71 percent, the monthly payment for the same size loan would be $1,038.48, a difference of $203 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.71% — up from 4.65% last week (avg. points: 0.41)
15-year fixed: 3.86% — up from 3.79% last week (avg. points: 0.36)
5/1 ARM: 3.40% — up from 3.35% last week (avg. points: 0.33)

Mortgage Rates Lowest Since Thanksgiving

NEW YORK, June 2, 2011 /PRNewswire/ — Mortgage rates fell for an eighth consecutive week, with the benchmark conforming 30-year fixed mortgage rate falling to 4.69 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.

SURVEY RESULTS

  • 30-year fixed: 4.69% — down from 4.75% last week (avg. points: 0.39)
  • 15-year fixed: 3.88% — down from 3.93% last week (avg. points: 0.37)
  • 5/1 ARM: 3.39% — down from 3.45% last week (avg. points: 0.37)

The average 15-year fixed mortgage dropped to 3.88 percent and the larger jumbo 30-year fixed rate retreated to 5.16 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM resetting a record low of 3.39 percent and the 7-year ARM plunging to 3.64 percent, also a new low.

More weak economic data is increasing evidence that a summer soft patch has arrived — again. The loss of momentum means an even more sluggish recovery than was expected and that interest rates won’t be rising any time soon. This has been very beneficial to mortgage rates, both the fixed and adjustable rate varieties. Adjustable mortgage rates, such as the 5/1 and 7/1 ARMs, have moved to record lows. Fixed mortgage rates are at the lowest levels since last Thanksgiving. For many would-be refinancers, the turkey is indeed on the table with the opportunity to refinance at sub-5 percent rates. But with lower federal loan limits scheduled to take effect in October, waiting too long could mean missing the chance to lock in historically low fixed rates if the loan amount becomes ineligible for government guarantees.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed 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 4.69 percent, the monthly payment for the same size loan would be $1,036.07, a difference of $205 per month for anyone refinancing now.