NEW YORK, Jan. 12, 2017 /PRNewswire/ -- Mortgage
rates moved lower for a second consecutive week to start 2017, with
the benchmark 30-year fixed mortgage rate sitting at 4.20 percent,
according to Bankrate.com's weekly national survey. The 30-year
fixed mortgage has an average of 0.24 discount and origination
points.
The larger jumbo 30-year fixed retreated to 4.24 percent, and
the average 15-year fixed mortgage rate dropped to 3.41 percent.
Adjustable mortgage rates were mixed, with the 5-year ARM nosing
higher to 3.52 percent and the 7-year ARM sinking to 3.73
percent.
Following the headlong increase in November and December, both
bond yields and mortgage rates are now moving in a much tighter
range. Economic data remains consistently solid, but isn't blowing
anybody's hair back. The prospective government stimulus upon which
very high hopes have been pinned remains speculative, and the next
big move in rates could be predicated on legislative action or
inaction post-Inauguration Day. One
other potential catalyst for rate movement in the months ahead will
be inflation, which investors haven't needed to pay much attention
to in a long time. Two readings – producer prices and consumer
prices – are due for release in the coming week.
At the current average 30-year fixed mortgage rate of 4.20
percent, the monthly payment for a $200,000 loan is $978.03.
SURVEY RESULTS
30-year fixed: 4.20% -- down from 4.21% last week (avg. points:
0.24)
15-year fixed: 3.41% -- down from 3.45% last week (avg. points:
0.20)
5/1 ARM: 3.52% -- up from 3.50% last week (avg. points: 0.30)
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-011117.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. More than half of the
panelists – 55 percent – expect mortgage rates to be in a holding
pattern, remaining more or less unchanged over the next week. A
little more than one quarter, 27 percent, predict further declines
in mortgage rates while just 18 percent forecast an increase in the
coming week.
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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bankrate-mortgage-rates-inch-lower-300389959.html
SOURCE Bankrate.com