NEW YORK, Dec. 29, 2011 /PRNewswire/ -- The 30-year
fixed mortgage rate ticked higher for the second straight week,
registering at 4.21 percent, the third-lowest level on record,
according to Bankrate.com's weekly national survey. The average
30-year fixed mortgage has an average of 0.37 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 increased to 3.44 percent
from last week's record low of 3.42 percent, while the jumbo
30-year fixed mortgage dipped to yet another new low of 4.64
percent. Adjustable rate mortgages were mixed, with the average
3-year ARM rising to 3.55 percent while the 10-year rate slipped to
3.76 percent.
It was another pretty tame week for mortgage rates. But 2011
will go into the books as the year with the lowest mortgage rates.
In the 26-year history of Bankrate's survey, the average 30-year
fixed rate throughout 2011 was the lowest yet, at 4.66 percent. In
fact, the high point of the year was 5.23 percent – a rate that as
recently as March 2009 would have
qualified as a record low.
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% – up from 4.20%
last week (avg. points: 0.37)
15-year fixed: 3.44% – up from 3.42%
last week (avg. points: 0.32)
5/1 ARM: 3.20% – up from 3.18% last
week (avg. points: 0.36)
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. More than half of the
respondents, 54 percent, don't think mortgage rates will go much of
anywhere in the next week, predicting they'll be unchanged. The
remainder are almost evenly split, with 23 percent forecasting an
increase while 24 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, 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 75 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 100 newspapers on a daily basis including The
Wall Street Journal, USA Today, The New York Times,
The Los Angeles Times and The Boston Globe.
For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917)
368-8677
www.bankrate.com
SOURCE Bankrate, Inc.