Bankrate: Mortgage Rates Rise Following Job News |
|
By: Bankrate, Inc. Posted: 2010-04-08 06:26:34 |
|
Mortgage rates increased for a third straight week, with the average conforming 30-year fixed mortgage rising to 5.35 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.47 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 hit a new high-water mark for 2010 at 4.69 percent and the larger jumbo 30-year fixed rate increased to 5.98 percent. Adjustable rate mortgages were mostly higher, with the average 5-year ARM climbing to 4.55 percent while the 7-year ARM crested to 5.04 percent. Upbeat news on the economy propelled mortgage rates higher for a third week in a row. The average 30-year fixed mortgage rate is now at a five-month high. Positive news on both the manufacturing and service sectors of the economy, coupled with a return to job growth, lifted yields on government debt as investors clamor for better returns. Mortgage rates are closely related to yields on long-term Treasury securities. Looming government debt auctions were also a contributing factor in this week's increase. 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 5.35 percent, the monthly payment for the same size loan would be $1,116.83, a savings of $125 per month for a homeowner refinancing now. SURVEY RESULTS 30-year fixed: 5.35% -- up from 5.23% last week (avg. points: 0.47) 15-year fixed: 4.69% -- up from 4.53% last week (avg. points: 0.37) 5/1 ARM: 4.55% -- up from 4.51% last week (avg. points: 0.34) 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. There is no clear consensus this week, with 38 percent of panelists predicting mortgage rates will continue climbing. The remaining respondents are evenly split, with 31 percent forecasting a decline from current levels and an equal 31 percent expecting mortgage rates to remain more or less unchanged 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! ( YHOO), America Online ( AOL), The Wall Street Journal and The New York Times ( 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. |
| Trackback url: https://press.abc-directory.com/press/5972 |