NEW YORK, Jan. 5, 2012 /PRNewswire/ -- Mortgage rates
drifted slightly lower this week, but it was enough to establish a
new record low of 4.18 percent on the 30-year fixed rate mortgage,
according to Bankrate.com's weekly national survey. The average
30-year fixed mortgage has an average of 0.34 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 and jumbo 30-year fixed
mortgage also reached new lows of 3.40 percent and 4.62 percent,
respectively. Adjustable rate mortgages were mixed, with the
average 3-year ARM sinking to 3.45 percent while the 10-year rate
inched higher to 3.77 percent.
The movement in mortgage rates continues to be very slight. In
the past two months, the average 30-year fixed mortgage rate has
remained in a range of less than one-tenth of a percentage point.
This type of calm on the mortgage rate front hasn't been seen in
nearly two years. But with the European debt crisis still fluid,
and an upcoming report on U.S. job growth, two potential catalysts
for a more significant move are on the horizon.
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 4.18 percent, the monthly payment for the same
size loan would be $975.70, a
difference of $266 per month for
anyone refinancing now.
SURVEY RESULTS
30-year fixed: 4.18% --down from 4.21% last week (avg.
points: 0.34)
15-year fixed: 3.40% -- down from 3.44% last week (avg. points:
0.36)
5/1 ARM: 3.19% -- down from 3.20% 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.
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, with
42 percent of the respondents expecting mortgage rates to remain
more or less unchanged over the next week, while 33 percent
forecast a rebound from record lows. Just one-in-four predicts
mortgage rates will fall further in the next 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
SOURCE Bankrate, Inc.