NEW YORK, March 23, 2017 /PRNewswire/ -- Mortgage
rates slipped lower this week, with the benchmark 30-year fixed
mortgage rate dropping to 4.29 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 slid to 4.22 percent and the
average 15-year fixed mortgage rate stepped down to 3.49 percent.
Adjustable mortgage rates also declined, with the 5-year ARM
sliding to 3.44 percent and the 7-year ARM to 3.68 percent.
Mortgage rates retreated to one-month lows, continuing declines
that began with the Federal Reserve's quarter-point interest rate
hike. The Fed rate hike and dropping oil prices help keep a lid on
inflation, which coupled with the suddenly wobbly stock market, are
good news for long-term bonds and mortgage rates. Mortgage rates
are closely related to yields on long-term government bonds. If
investors continue to exhibit skepticism about the likelihood of
new fiscal stimulus measures, this will produce a flight to quality
that continues to benefit mortgage borrowers. If animal spirits
return, or we get details from the administration that investors
cheer, mortgage rates will quickly reverse course.
At the current average 30-year fixed mortgage rate of 4.29
percent, the monthly payment for a $200,000 loan is $988.57.
SURVEY RESULTS
30-year fixed: 4.29% -- down from 4.44% last week
(avg. points: 0.24)
15-year fixed: 3.49% -- down from 3.64% last week
(avg. points: 0.22)
5/1 ARM: 3.44% -- down from 3.60% last week (avg.
points: 0.29)
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-032217.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 week. The majority of panelists, 55
percent, expect mortgage rates will remain more or less unchanged
over the next seven days. Of the remaining experts, 36
percent predict mortgage rates will decrease and just 9 percent
expect mortgage rates to rise 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:
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-reverse-course-300428421.html
SOURCE Bankrate