NEW YORK, Jan. 26, 2012 /PRNewswire/ -- After weeks of
very little movement, mortgage rates were up slightly this week.
The average 30-year fixed mortgage rate rose to 4.25 percent,
according to Bankrate.com's weekly national survey. The average
30-year fixed mortgage has an average of 0.31 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 increased to 3.45 percent,
while the jumbo 30-year fixed mortgage rebounded from last week's
record low to settle at 4.62 percent. The average 3-year and 5-year
adjustable mortgage rates increased for the second week in a row,
rising to 3.31 percent and 3.09 percent, respectively.
Fixed mortgage rates increased for the first time in the New
Year. Even a modest increase, from 4.18 percent to 4.25 percent on
the 30-year fixed, was enough to reach a two-month high. But the
Federal Reserve's pronouncement about keeping short-term interest
rates on hold even longer than expected, until late 2014, is likely
to unwind the modest increase of the past week. Mortgage rates have
been remarkably static over much of the past three months, with the
average 30-year fixed mortgage rate staying in a range of less than
one-tenth of a percentage point.
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 4.25 percent, the monthly payment for the same
size loan would be $983.88, a
difference of $258 per month for
anyone refinancing now.
SURVEY RESULTS
30-year fixed: 4.25% -- up from 4.18%
last week (avg. points: 0.31)
15-year fixed: 3.45% -- up from 3.39%
last week (avg. points: 0.30)
5/1 ARM: 3.09% -- up from 3.06% 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.
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. There is no clear
consensus this week, with 44 percent of the panelists expecting
rates to rise further, while 31 percent predict that mortgage rates
will fall back. Just 25 percent forecast that mortgage rates will
remain more or less unchanged over the next seven days.
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.