NEW YORK, Feb. 13, 2014 /PRNewswire/ -- Mortgage rates broke a five-week long streak of declines, with the benchmark 30-year fixed mortgage rate increasing 4.48 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.33 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage notched higher to 3.53 percent, and the larger jumbo 30-year fixed mortgage stepped up to 4.5 percent. Adjustable rate mortgages were mixed, with the average 3-year adjustable moving down to 3.31 percent, while the 5-year and 7-year each moved higher, to 3.32 percent and 3.61 percent, respectively. The 10-year ARM was unchanged, holding for a third consecutive week at 3.99 percent.
The nervousness in financial markets seen since the beginning of the year has subsided in recent days, aided in part by Janet Yellen's initial Congressional testimony. Economic uncertainty has also diminished in the wake of Yellen's soothing words, after a run of less-than-stellar releases that included last week's jobs report. As a result, mortgage rates reversed much of last week's decrease, but at this point still remain lower than any point seen in December or January.
On May 1, 2013, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.48 percent, the monthly payment for the same size loan would be $1,011.00, a difference of $111 per month for anyone that waited too long.
30-year fixed: 4.48% -- up from 4.43% last week (avg. points: 0.33)
15-year fixed: 3.53% -- up from 3.50% last week (avg. points: 0.21)
5/1 ARM: 3.32% -- up from 3.27% last week (avg. points: 0.24)
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. Most panelists, 63 percent, expect a mortgage rates to rise further in the coming week, while one-in-four predict mortgage rates will remain more or less unchanged. Just 12 percent forecast a decline in mortgage rates in the next week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx.
About Bankrate, Inc.
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 80 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 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.
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