NEW YORK, Oct. 6, 2011 /PRNewswire/ -- The benchmark
conforming 30-year fixed mortgage rate inched lower to 4.21
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.
(Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO)
To see mortgage rates in your area, go to
http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage slipped back to 3.46 percent
and the larger jumbo 30-year fixed rate dipped to 4.82 percent.
Adjustable rate mortgages were also lower, with the average 5-year
ARM sliding to 3.11 percent and the 7-year ARM dropping to 3.30
percent.
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 4.21 percent, the monthly payment for the same
size loan would be $979.20, a
difference of $263 per month for
anyone refinancing now.
SURVEY RESULTS
30-year fixed: 4.21% -- down from 4.30% last week (avg. points:
0.43)
15-year fixed: 3.46% -- down from 3.47% last week (avg. points:
0.38)
5/1 ARM: 3.11% -- down from 3.13% last week (avg. points:
0.46)
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, 54 percent of
the panelists predict mortgage rates will rise. Nearly one-third,
31 percent, expect mortgage rates to remain more or less unchanged,
and the remaining 15 percent forecast a decline in mortgage rates
over 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.