NEW YORK, Dec. 1, 2016 /PRNewswire/ -- Mortgage rates
continued their upward path this week, with the benchmark 30-year
fixed mortgage rate rising to 4.13 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 inched up to 4.09 percent, while
the average 15-year fixed mortgage rate climbed to 3.39 percent.
Adjustable mortgage rates were also higher, with the 5-year ARM
rising modestly to 3.48 percent while the 7-year ARM rising to 3.66
percent.
Mortgage rates went up for the eighth time in nine weeks. They
had been rising gradually for more than a month before the
presidential election. After the election, they zoomed upward for
couple of weeks and rose modestly this week. The Federal Reserve is
almost certain to increase short-term rates in December, and the
prospect of that rate hike has nudged mortgages a little higher.
Even with this rapid rise in rates, more than half of mortgage
applicants are homeowners who want to refinance before rates rise
even further.
At the current average 30-year fixed mortgage rate of 4.13
percent, the monthly payment for a $200,000 loan is $969.88.
SURVEY RESULTS
30-year fixed: 4.13% -- up from 4.10% last week
(avg. points: 0.22)
15-year fixed: 3.39% -- up from 3.33% last week
(avg. points: 0.18)
5/1 ARM: 3.48% -- up from 3.44% 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.
For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/finance/mortgages/mortgage-analysis-113016.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 majority of
panelists, 50 percent, forecast that rates will continue to rise in
the coming week, while 20 percent expect rates to go down.
The remaining experts, 30 percent, predict that rates will remain
more or less unchanged 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, Inc.