NEW YORK, Aug. 17, 2017 /PRNewswire/ -- Mortgage rates
were little changed again this week, with the benchmark 30-year
fixed mortgage rate nosing higher to 4.05 percent, according to
Bankrate.com's weekly national survey. The average 30-year fixed
mortgage has an average of 0.22 discount and origination
points.
The larger jumbo 30-year fixed increased to 4.07 percent, and
the average 15-year fixed mortgage rate held steady at 3.27
percent. Adjustable mortgage rates were mixed, with the 3-year ARM
inching lower to 3.61 percent, the 5-year ARM unchanged at 3.49
percent and the 7-year ARM ticking up to 3.67 percent.
The placidity of financial markets transformed into more of a
subtle yo-yo action in the past week, with markets responding first
to heightened tensions with North
Korea, then to an easing of those tensions. Throw in a
better tone of economic data, words from a Federal Reserve Bank
President and the release of the latest Fed meeting minutes, and
markets had more than the usual to digest. Bond yields initially
fell as tensions with North Korea
escalated, then increased as those immediate concerns faded, a Fed
President hinted at a December rate hike, and better economic data
revealed itself. Mortgage rates are closely related to yields on
long-term government bonds. With the unpredictability in
Washington, financial markets and
mortgage rates could quickly find themselves at the whim of
geopolitical worries, a forthcoming debt ceiling debate, or the
expected initiation of the Federal Reserve's balance sheet
reduction.
At the current average 30-year fixed mortgage rate of 4.05
percent, the monthly payment for a $200,000 loan is $960.60.
SURVEY RESULTS
30-year fixed: 4.05% -- up from 4.04% last week
(avg. points: 0.22)
15-year fixed: 3.27% -- unchanged from last week (avg. points:
0.21)
5/1 ARM: 3.49% -- unchanged from last week (avg. points: 0.31)
Bankrate's national weekly mortgage survey is conducted every
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-081617.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. Half of the panelists
expect mortgage rates to remain more or less unchanged, while 40
percent forecast an increase in rates. Just 10 percent predict a
decline in mortgage rates over the next 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
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SOURCE Bankrate.com