NEW YORK, Nov. 23, 2016 /PRNewswire/ -- Mortgage rates
increased for the fourth consecutive week and the 7th
time in the past 8 weeks, with the benchmark 30-year fixed mortgage
rate rising to 4.10 percent, according to Bankrate.com's weekly
national survey. The 30-year fixed mortgage has an average of 0.22
discount and origination points.
The larger jumbo 30-year fixed climbed to 4.08 percent, while
the average 15-year fixed mortgage rate jumped to 3.33 percent.
Adjustable mortgage rates were mostly higher, with the 5-year ARM
rising modestly to 3.44 percent while the 7-year ARM slipped to
3.60 percent.
Mortgage rates continued to climb over the past week following
the ongoing spike in long-term government bond yields, rising to
the highest level since January
6th. Benchmark 10-year Treasury yields have
increased nearly one-half percentage point since Election Day on speculation that we'll see more
government borrowing, higher inflation, and higher interest rates
due to the policies of the Trump administration. Mortgage rates are
closely related to yields on long-term government bonds. Of course
the entire run-up in bond yields and mortgage rates in the past two
weeks has been based purely on speculation rather than any specific
policy announcements. There is every possibility that the increase
has been overdone and that if reality fails to meet the
expectations that have been priced into markets, bond yields and
mortgage rates could pull back.
At the current average 30-year fixed mortgage rate of 4.10
percent, the monthly payment for a $200,000 loan is $966.40.
SURVEY RESULTS
30-year fixed: 4.10% -- up from 4.01% last week
(avg. points: 0.22)
15-year fixed: 3.33% -- up from 3.21% last week
(avg. points: 0.21)
5/1 ARM: 3.44% -- up from 3.39% last week (avg.
points: 0.35)
Bankrate's national weekly mortgage survey is conducted each
Wednesday from data provided by the top 10 banks and thrifts in 10
top markets. This week's survey was conducted on Tuesday due to the
holiday-shortened Thanksgiving
week.
For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/finance/mortgages/mortgage-analysis-112216.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. The panelists are
equally split with one-third each predicting an increase, a
decrease, or no change in 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