NEW YORK, Aug. 4, 2011 /PRNewswire/ -- Renewed economic
worries had mortgage rates falling sharply, with the benchmark
conforming 30-year fixed mortgage rate now 4.54 percent, according
to Bankrate.com's weekly national survey. The average 30-year fixed
mortgage has an average of 0.39 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 dropped to a new low of 3.68
percent while the larger jumbo 30-year fixed rate retreated to 5.06
percent. Adjustable rate mortgages moved lower also, with the
average 5-year ARM sliding to 3.23 percent and the 7-year ARM
falling to 3.52 percent.
With the increase in the debt ceiling taken care of, a barrage
of poor economic data means we're back to worrying about the
economy. These economic worries and increased odds of a double-dip
recession had investors flocking into the safety of U.S. Treasury
securities -- their safe-haven status assured -- which fueled the
decline in mortgage rates. Fixed mortgage rates are closely related
to yields on long-term government bonds.
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 4.54 percent, the monthly payment for the same
size loan would be $1,018.13, a
difference of $223 per month for
anyone refinancing now.
SURVEY
RESULTS
|
|
30-year
fixed: 4.54% -- down from 4.74% last week (avg. points:
0.39)
|
|
15-year
fixed: 3.68% -- down from 3.83% last week (avg. points:
0.31)
|
|
5/1 ARM:
3.23% -- down from 3.34% last week (avg. points: 0.38)
|
|
|
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. The panel is split this
week, with 44 percent expecting mortgage rates to remain more or
less unchanged over the next week. Nearly one in three, or 31
percent, predict mortgage rates will fall further, while the
remaining 25 percent forecast a rebound 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.