NEW YORK, June 30, 2011 /PRNewswire/ -- Mortgage rates
marked a slight increase this week with the benchmark conforming
30-year fixed mortgage rate rising to 4.71 percent, according to
Bankrate.com's weekly national survey. The average 30-year fixed
mortgage has an average of 0.43 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 jumped to 3.86 percent while
the larger jumbo 30-year fixed rate dropped to 5.21 percent.
Adjustable rate mortgages were higher, with the average 5-year ARM
climbing to 3.45 percent and the 7-year ARM stepping up to 3.70
percent.
Mortgage rates rebounded as strong stock market performance and
growing anxiety about lack of progress on increasing the debt limit
weighed on bonds. Mortgage rates are closely related to yields on
long-term government bonds. With money being siphoned away from
bonds, mortgage rates increased for just the second time in the
past 12 weeks.
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 4.71 percent, the monthly payment for the same
size loan would be $1,038.48, a
difference of $203 per month for
anyone refinancing now.
SURVEY
RESULTS
|
|
30-year
fixed: 4.71% -- up from 4.66% last week (avg. points:
0.43)
|
|
15-year
fixed: 3.86 % -- up from 3.83% last week (avg. points:
0.36)
|
|
5/1 ARM:
3.45% -- up from 3.36% last week (avg. points: 0.31)
|
|
|
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.
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, 62 percent, expect mortgage rates to climb higher.
The remaining experts are split down the middle with 19
percent predicting a decline in rates and the other 19 percent
predicting that rates will stay more or less unchanged 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.