NEW YORK, Jan. 12, 2012 /PRNewswire/ -- Mortgage rates
were mostly lower this week, with the exception being the average
30-year fixed mortgage rates which held at the record low of 4.18
percent, according to Bankrate.com's weekly national survey. The
average 30-year fixed mortgage has an average of 0.33 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 reset a record low at 3.38
percent. So too, did the jumbo 30-year fixed mortgage which dropped
to 4.6 percent. Adjustable rate mortgages were on the move too,
with the average 3-year and 5-year ARMs hitting new lows of 3.24
percent and 3.04 percent, respectively.
Records were set across the spectrum of mortgage products, both
fixed and adjustable rate mortgages. Fixed mortgage rates were down
slightly, as has been the case over the past two months, but
adjustable mortgage rates were down in a more pronounced way this
week. Despite the more positive tone to U.S. economic data,
including an improved job picture, it is the European debt crisis
that is fueling these record low mortgage rates.
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% --unchanged from
last week (avg. points: 0.33)
15-year fixed: 3.38% -- down from
3.40% last week (avg. points: 0.31)
5/1 ARM: 3.04% -- down from 3.19%
last week (avg. points: 0.31)
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/finance/news/rising-mortgage-fees-menace-super-low-rates.aspx?ic_id=Top_Financial
News Center_link_1.
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
47 percent of the respondents expecting mortgage rates to rise and
an equal 47 percent predicting mortgage rates will remain more or
less unchanged over the next week. Just 6 percent of respondents
forecast that 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
www.bankrate.com
SOURCE Bankrate