NEW YORK, Feb. 16, 2012 /PRNewswire/ -- The average
rate on the benchmark 30-year fixed mortgage rate fell to a new low
of 4.1 percent, according to Bankrate.com's weekly national survey.
The average 30-year fixed mortgage has an average of 0.35 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 inched lower to 3.35 percent,
while the jumbo 30-year fixed mortgage nosed higher to 4.56
percent. Adjustable mortgage rates were mostly lower, with the
average 3-year ARM falling to a record low of 3.23 percent, while
the 5-year adjustable slid to 3.03 percent.
Mortgage rates remain in a familiar holding pattern, with subtle
fluctuations week-to-week. Despite the better footing on which the
U.S. economy currently rests, the unfolding developments with the
European debt crisis continue to keep mortgage rates in check.
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 4.10 percent, the monthly payment for the same
size loan would be $966.40, a
difference of $275 per month for
anyone refinancing now.
SURVEY RESULTS
30-year fixed: 4.10% -- down from 4.14% last week (avg. points:
0.35)
15-year fixed: 3.35% -- down from 3.36% last week (avg. points:
0.33)
5/1 ARM: 3.03% -- down from 3.05% last week (avg. points:
0.29)
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/mortgagerates
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 panelists don't see
mortgage rates going much of anywhere, with 54 percent predicting
mortgage rates will remain more or less unchanged over the next
seven days. Thirty-eight percent forecast a rebound in mortgage
rates while just 8 percent expect mortgage rates to fall further 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.com, 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.