NEW YORK, Aug. 9, 2017 /PRNewswire/ -- Mortgage rates were
little changed this week, with the benchmark 30-year fixed mortgage
rate holding at 4.04 percent, according to Bankrate.com's weekly
national survey. The average 30-year fixed mortgage has an average
of 0.25 discount and origination points.
The larger jumbo 30-year fixed dipped to 4.03 percent, and the
average 15-year fixed mortgage rate inched backward to 3.27
percent. Adjustable mortgage rates were little changed as well,
with the 5-year ARM nosing higher to 3.49 percent and the 7-year
ARM remaining at 3.66 percent.
Much like the lazy days of summer, mortgage rates are just
lounging around not doing much of anything. Mortgage rates have
remained in a very narrow range, one-eighth of a percentage point,
for the past two months. The relative calm in financial markets is
translating over to mortgage rates, as they are closely related to
yields on long-term government bonds. Even a stronger than expected
jobs report wasn't enough to lift bond yields and mortgage rates in
a significant way, owing to the preponderance of lower paying jobs
being created, the sluggish growth in hourly earnings and the
overall low rate of inflation that likely keeps the Federal Reserve
from hiking interest rates in the near term. Whether it is
geopolitical tensions, dysfunction in Washington, or the looming deadlines to raise
the debt ceiling and avert a government shutdown, the lack of
volatility may prove short-lived. Should any of these issues come
to a head, investors will likely grow nervous - and financial
markets turbulent - in a hurry.
At the current average 30-year fixed mortgage rate of 4.04
percent, the monthly payment for a $200,000 loan is $959.45.
SURVEY RESULTS
30-year fixed: 4.04% -- unchanged from last week
(avg. points: 0.25)
15-year fixed: 3.27% -- down from 3.28% last week
(avg. points: 0.21)
5/1 ARM: 3.49% -- up from 3.48% last week (avg.
points: 0.31)
Bankrate's national weekly mortgage survey was conducted Tuesday
from data provided by the top 10 banks and thrifts in 10 top
markets. For a full analysis of this week's move in mortgage rates,
go to
http://www.bankrate.com/finance/mortgages/mortgage-analysis-080817.aspx
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. Half of the panelists
expect mortgage rates to fall, while 30 percent predict they will
remain more or less unchanged. Just 20 percent forecast an increase
in mortgage rates over the next week.
About Bankrate.com
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans, and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today, The New York
Times and The Los Angeles
Times.
For more information contact:
Kayleen Yates
Vice President, Corporate Communications
kyates@bankrate.com
(917) 368-8677
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SOURCE Bankrate.com