NEW YORK, March 8, 2012 /PRNewswire/ -- The average
rate on the benchmark 30-year fixed mortgage rate rose slightly to
4.11 percent, according to Bankrate.com's weekly national survey.
The average 30-year fixed mortgage has an average of 0.39 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 dipped a spot to 3.34
percent, while the jumbo 30-year fixed mortgage remained unchanged
at 4.63 percent. Adjustable mortgage rates held steady this week,
with the average 5-year ARM inching to 3.03 percent and the 10-year
adjustable staying put at 3.61 percent.
Mortgage rates were little changed this week as renewed concerns
about the Greek debt bailout offset continued improvement in the
U.S. economic picture. But mortgage rates remain near record lows,
showing little fluctuation in the past month. However, a looming
jobs report could reintroduce volatility to mortgage rates if it
widely departs from expectations -- either on the upside or the
downside.
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 4.11 percent, the monthly payment for the same
size loan would be $967.56, a
difference of $274 per month for
anyone refinancing now.
SURVEY RESULTS
30-year fixed: 4.11% -- up from 4.10%
last week (avg. points: 0.39)
15-year fixed: 3.34% -- down from
3.35% last week (avg. points: 0.34)
5/1 ARM: 3.03% -- down from 3.04%
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/finance/news/refi-boom-looms-mortgages-hold-steady.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 majority of
panelists, 43 percent, expect to see mortgage rates increase in the
coming week. Of the remaining experts, 36 percent expect that
mortgage rates will remain more or less unchanged, while 21 percent
predict a retreat 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.
www.bankrate.com
For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917) 368-8677
SOURCE Bankrate, Inc.