NEW YORK, April 27, 2017 /PRNewswire/ -- After falling
for three consecutive weeks, mortgage rates reversed course this
week, with the benchmark 30-year fixed mortgage rate now 4.19
percent, according to Bankrate.com's weekly national survey. The
30-year fixed mortgage has an average of 0.26 discount and
origination points.
The larger jumbo 30-year fixed also moved higher this week, now
4.14 percent, as did the average 15-year fixed mortgage rate,
climbing to 3.43 percent. Adjustable mortgage rates showed
increases as well, with the 5-year ARM and 7-year ARM each moving
up from 5-month lows last week to 3.48 percent and 3.66 percent,
respectively.
Mortgage rates broke a streak of three weekly declines, climbing
for just the second time in the past seven weeks. The worries about
North Korea, Syria and other global hotspots eased, a
French election didn't generate a market-jarring result, and a run
of weak economic data came to an end. Instead the focus in
financial markets switched to corporate earnings season and
euphoria over the prospect of tax reform took hold. Investors
embraced riskier assets, with the stock market soaring to near
record highs, and turned away from the safe haven of U.S.
government bonds, pushing both bond yields and mortgage rates
higher. Mortgage rates are closely related to the yields on
long-term Treasury securities. While markets greeted the details of
the tax plan with more of a shrug, the sentiment has seemingly
shifted to 'glass half full' from the glass half empty' perspective
seen just one week ago.
At the current average 30-year fixed mortgage rate of 4.16
percent, the monthly payment for a $200,000 loan is $976.87.
SURVEY RESULTS
30-year fixed: 4.19% -- up from 4.16% last week
(avg. points: 0.26)
15-year fixed: 3.43% -- up from 3.35% last week
(avg. points: 0.17)
5/1 ARM: 3.48% -- up from 3.42% 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-042617.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 experts,
55 percent, predict that mortgage rates will remain more or less
unchanged, while the other 45 percent expect to see an increase in
the coming week. None of the panelists expect rates to
decline 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:
Kayleen Yates
Vice President, Corporate Communications
kyates@bankrate.com
(917) 368-8677
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SOURCE Bankrate.com