Bankrate: Mortgage Rates up Slightly |
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By: Bankrate, Inc. Posted: 2010-11-11 05:03:28 |
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Mortgage rates were modestly higher this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate rising to 4.46 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 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 3.84 percent, and the larger jumbo 30-year fixed rate did as well, settling at 5.08 percent. Adjustable rate mortgages were mostly higher, with the average 5-year ARM rebounding to 3.62 percent and the average 7-year ARM climbing to 3.95 percent. Mortgage rates moved up despite the announcement of a $600 billion stimulus from the Federal Reserve. A stronger than expected employment report that came on the heels of the Fed's quantitative easing announcement helped buoy economic spirits and fueled worries that the Fed is sowing the seeds of future inflation. The prospects for inflation are manifest in the yields on long-term debt securities, such as mortgage-backed bonds and the government debt the Fed will be purchasing, directly contributing to higher mortgage rates. 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 4.46 percent, the monthly payment for the same size loan would be $1,008.62, a savings of $233 per month for a homeowner refinancing now. SURVEY RESULTS 30-year fixed: 4.46% -- up from 4.42% last week (avg. points: 0.34) 15-year fixed: 3.84% -- up from 3.81% last week (avg. points: 0.33) 5/1 ARM: 3.62% -- up from 3.57% last week (avg. points: 0.33) 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. 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. Half of the panelists forecast mortgage rates to rise over the next week. Only 29 percent predict mortgage rates will fall and the remaining 21 percent expect mortgage rates will 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, Bankaholic, CreditCards.com and NetQuote. 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. NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to Bankrate.com For more information contact: Hilary Dommu Corporate Communications Coordinator hdommu(at)bankrate.com (917) 368- |
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