NEW YORK, Feb. 2, 2012 /PRNewswire/ -- This week
brought yet another record low in mortgage rates, with the average
30-year fixed mortgage rate falling to 4.12 percent, according to
Bankrate.com's weekly national survey. The average 30-year fixed
mortgage has an average of 0.29 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 retreated to 3.34 percent,
while the jumbo 30-year fixed mortgage slid to 4.55 percent. The
average 5-year and 7-year adjustable mortgage rates dropped to 3.02
percent and 3.24 percent, respectively. All of these are record
lows.
Home buyers and refinancers can thank Ben Bernanke and the Federal Reserve for this
most recent drop in mortgage rates. The pledge to keep short-term
interest rates on hold until late 2014 was the catalyst for this
week's move and will also help keep a lid on mortgage rates for the
foreseeable future.
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 4.12 percent, the monthly payment for the same
size loan would be $968.72, a
difference of $273 per month for
anyone refinancing now.
SURVEY RESULTS
30-year fixed: 4.12% -- down from
4.25% last week (avg. points: 0.29)
15-year fixed: 3.34% -- down from
3.45% last week (avg. points: 0.30)
5/1 ARM: 3.02% -- down from 3.09%
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. Just over half of the
respondents, 56 percent, think rates will remain more or less
unchanged at the record lows over the next week. One-in-four
predict mortgage rates will rebound, and just 19 percent forecast
further declines 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.