Mortgage rates retreated slightly this week, after a dizzying eight-week rise. The average 30-year fixed rate mortgage dipped from 6.37 percent to 6.35 percent, according to Bankrate.com's weekly national survey of large lenders. The mortgages in this week's survey had an average of 0.41 discount and origination points. Mortgage rates are up from 5.41 percent the week of Mar. 17.
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The 15-year fixed rate mortgage, popular for refinancing, inched lower, from 5.75 percent to 5.74 percent. The jumbo 30-year fixed rate mortgage declined 2 basis points to 6.55 percent, while the one-year adjustable rate mortgage nosed 3 basis points higher to 4.12 percent. A basis point is one one-hundredth of one percentage point.
Over the past two months, good economic news and evidence of job growth has fueled a consistent rise in mortgage rates. This week, mortgage rates were influenced by investor concerns about soaring oil prices, the war in Iraq, slowing growth in China, and political uncertainty with a resulting stock market crash in India. Those global jitters buoyed demand for long-term Treasury securities, pushing bond yields and mortgage rates lower. Mortgage rates are closely related to the yields on long-term government bonds.
With mortgage rates nearly one full percentage point higher than one year ago, monthly mortgage payments are also higher. Last year, when the average 30-year fixed rate mortgage was 5.4 percent, the monthly payment for a $165,000 loan was $926.53. Today, with the average rate at 6.35 percent, the monthly payment on the same loan is $1,026.69. The difference in monthly payments of $100.16 amounts to more than $36,000 over the loan term.
SURVEY RESULTS 30-year fixed: 6.35% -- down from 6.37% last week (avg. points: 0.41) 15-year fixed: 5.74% -- down from 5.75% last week (avg. points: 0.39) 1-year ARM: 4.12% -- up from 4.09% last week (avg. points: 0.33)
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.
The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. Just one-third of respondents feel rates are headed higher over the next five weeks, while 17 percent expect rates to fall. However, half of panel participants expect rates to remain unchanged over the next five weeks.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI
About Bankrate, Inc.
Bankrate, Inc. owns and operates Bankrate.com, the Internet's leading consumer banking marketplace. Bankrate.com averages 5 million unique visitors per month, according to comScore Media Metrix, which ranks Bankrate.com first in unique visitors in the "Financial Information and Advice" category. Bankrate.com reviews more than 4,800 financial institutions in more than 300 markets in 50 states. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes and small business finance. It is the leading aggregator of more than 250 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! , America Online , The Wall Street Journal and The New York Times . Bankrate.com's information is also distributed through more than 100 national and state publications. The Company's stock is included in the Russell 3000 Index and the Russell 2000 Index.
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