NEW YORK, July 28, 2016 /PRNewswire/ -- Mortgage rates
continue to crawl back from post-Brexit lows, with the benchmark
30-year fixed mortgage rate moving up for a third week in a row to
3.63 percent, according to Bankrate.com's weekly national survey.
The 30-year fixed mortgage has an average of 0.23 discount and
origination points.
The larger jumbo 30-year fixed actually pulled back slightly, to
3.69 percent, and remains higher than the average conforming rate
for the fifth week in a row and just the eighth time in the past
year. The average 15-year fixed mortgage rate moved up to 2.89
percent. Adjustable mortgage rates were mixed, with the 5-year ARM
holding at 3.08 percent, the 7-year ARM rising to 3.26 percent, and
the 10-year ARM retreating to 3.42 percent.
Mortgage rates increased for a third week as financial markets
put the Brexit brouhaha further in the rear-view mirror. Mortgage
rates have now recovered half of the post-Brexit decline. In
addition, the Federal Reserve gave a very upbeat assessment of the
economy, noting that 'near-term risks' to the economy have
diminished, and referencing the improving job market three times in
their post-meeting statement. This is the first step toward
prepping markets for an eventual interest rate increase and puts a
September rate hike squarely on the table.
This time last year the average 30-year fixed mortgage rate was
4.09 percent, which carried a monthly payment of $965.24 on a $200,000 loan. At the current average rate of
3.63 percent, the monthly payment for the same size loan is
$912.67, resulting in savings of
$52 per month for a homeowner
refinancing now.
SURVEY RESULTS
30-year fixed: 3.63% -- up from 3.60% last week (avg. points:
0.23)
15-year fixed: 2.89% -- up from 2.86% last week (avg. points:
0.20)
5/1 ARM: 3.08% -- unchanged from last week (avg. points:
0.27)
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-072816.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. Don't expect big
changes, with 56 percent of the panelists saying mortgage rates
will remain more or less unchanged in the coming week. One-third
predict further increases and just 11 percent forecast falling
mortgage rates over the next seven days.
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 contact:
Kayleen Yates
Vice President, Corporate Communications
kyates@bankrate.com
(917)
368-8677
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SOURCE Bankrate.com