NEW YORK, Dec. 22, 2011 /PRNewswire/ -- The 30-year fixed
mortgage rate ticked higher from last week's record low to 4.2
percent, but is at the second-lowest level on record, according to
Bankrate.com's weekly national survey. The average 30-year fixed
mortgage has an average of 0.35 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 remains at a record low of
3.42 percent, while the jumbo 30-year fixed mortgage fell to a new
low of 4.66 percent. Adjustable rate mortgages were mixed, with the
average 3-year ARM inching higher to 3.5 percent while the 5-year,
7-year and 10-year rates slipped to 3.18 percent, 3.35 percent, and
3.77 percent, respectively.
Mortgage rates haven't moved much since the beginning of
November, and the holiday lull in mortgage rates seems likely to
continue for another week amid low volume in financial markets. The
puzzles of the European debt crisis and the state of the U.S.
economy won't be solved - and won't change appreciably - in the
coming week.
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 4.2 percent, the monthly payment for the same size
loan would be $978.03, a difference
of $264 per month for anyone
refinancing now.
SURVEY RESULTS
30-year fixed: 4.20% --up from 4.19%
last week (avg. points: 0.35)
15-year fixed: 3.42% -- unchanged
from last week (avg. points: 0.34)
5/1 ARM: 3.18% -- down from 3.21%
last week (avg. points: 0.32)
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/mortgagerates.
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 majority of
respondents, 63 percent, don't think mortgage rates will go much of
anywhere in the next week, predicting they'll be unchanged. Nearly
one-in-three, 31 percent, forecasts an increase while just 6
percent expect mortgage rates to decline in the coming week.
For the full mortgage Rate Trend Index, go to
http://www.bankrate.com/RTI.
About Bankrate, Inc. (NYSE: RATE)
Bankrate is a leading publisher, aggregator and
distributor of personal finance content on the
Internet. Bankrate provides consumers with proprietary, fully
researched, comprehensive, independent and objective personal
finance editorial content across multiple vertical categories
including mortgages, deposits, insurance, credit cards, and other
categories, such as retirement, automobile loans, and taxes.
The Bankrate network includes Bankrate.com, our flagship
website, and other owned and operated personal finance websites,
including CreditCards.com, Interest.com, Bankaholic.com,
Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services,
InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe,
Bankrate.com.cn, CreditCards.ca, NetQuote.com, and
CD.com. Bankrate aggregates rate information from over 4,800
institutions on more than 300 financial products. With coverage of
nearly 600 local markets in all 50 U.S.
states, Bankrate generates over 172,000 distinct rate
tables capturing on average over three million pieces of
information daily. Bankrate develops and provides web services
to over 80 co-branded websites with online partners, including some
of the most trusted and frequently visited personal finance sites
on the Internet such as Yahoo!, AOL, CNBC
and Bloomberg. In addition, Bankrate licenses
editorial content to over 500 newspapers on a daily basis
including The Wall Street Journal, USA Today,
The New York Times, The Los Angeles
Times and The Boston Globe.
www.bankrate.com
For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917)
368-8677
SOURCE Bankrate, Inc.