NEW YORK, June 23, 2011 /PRNewswire/ -- After last week
meant the end of a nine week streak of falling rates, mortgage
rates resumed the decline this week. The benchmark conforming
30-year fixed mortgage rate is now 4.66 percent, according to
Bankrate.com's weekly national survey. The average 30-year fixed
mortgage has an average of 0.47 discount and origination
points.
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To see mortgage rates in your area, go to
http://www.bankrate.com/funnel/mortgages/
The average 15-year fixed mortgage slipped to 3.83 percent while
the larger jumbo 30-year fixed rate ticked up to 5.23 percent.
Adjustable rate mortgages were mixed, with the average 5-year ARM
sliding to 3.36 percent and the 7-year ARM stepping up to 3.65
percent.
Disappointing economic news, such as continued weak housing
numbers, and ongoing nervousness about Greece led government bond yields and mortgage
rates lower. Mortgage rates are closely related to yields on
long-term government debt. Although Fed Chairman Ben Bernanke confirmed that bond purchases known
as QE2 will end as scheduled this month, long-term interest rates
remain at ultra-low levels due to the economic softness and
overseas debt concerns.
The last time mortgage rates were above 6 percent was
Nov. 2008. At the time, the average
30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly
payment of $1,241.86. With the
average rate now 4.66 percent, the monthly payment for the same
size loan would be $1,032.47, a
difference of $209 per month for
anyone refinancing now.
SURVEY RESULTS
30-year fixed: 4.66% -- down from 4.71% last week (avg. points:
0.47)
15-year fixed: 3.83% -- down from 3.86% last week (avg. points:
0.37)
5/1 ARM: 3.36% -- down from 3.40% last week (avg. points:
0.37)
Bankrate's national weekly mortgage survey is conducted each
Wednesday from data provided by the top 10 banks and thrifts in the
top 10 markets.
For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/finance/mortgages/mortgages-barely-fall-is-a-rise-next.aspx?ic_id=tsLgpic1.
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. This week, a majority of
the panelists, 60 percent, expect mortgage rates to remain more or
less unchanged. One-third, 33 percent, predict mortgage rates will
climb and just 7 percent forecast a decline in mortgage rates in
the upcoming week.
For the full mortgage Rate Trend Index, go to
http://www.bankrate.com/RTI
About Bankrate, Inc. (NYSE:RATE)
The Bankrate network of companies includes Bankrate.com,
Interest.com, Mortgage-calc.com, Nationwide Card Services,
InsureMe, CreditCardGuide.com, Bankaholic, CreditCards.com and
NetQuote. Each of these businesses helps consumers to make
informed decisions about their personal finance matters. The
company's flagship brand, Bankrate.com is a destination site of
personal finance channels, including banking, investing, taxes,
debt management and college finance. Bankrate.com is the leading
aggregator of rates and other information on more than 300
financial products, including mortgages, credit cards, new and used
auto loans, money market accounts and CDs, checking and ATM fees,
home equity loans and online banking fees. Bankrate.com reviews
more than 4,800 financial institutions in 575 markets in 50 states.
Bankrate.com provides financial applications and information to a
network of more than 75 partners, including Yahoo! (Nasdaq: YHOO),
America Online (NYSE: AOL), The
Wall Street Journal and The New York
Times (NYSE: NYT). Bankrate.com's information is also
distributed through more than 500 newspapers.
For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917) 368-8677
SOURCE Bankrate, Inc.