NEW YORK, May 31, 2012 /PRNewswire/ -- This week brought yet another record low in mortgage rates, with the average 30-year fixed mortgage rate falling to the record low of 3.94 percent according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.46 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
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The average 15-year fixed mortgage rate inched lower to a new record of 3.15 percent as did the jumbo 30-year fixed mortgage, sliding to the record low of 4.50 percent. Adjustable mortgage rates were both lower, as well this week, with the average 3-year adjustable dropping to 3.08 percent, while the popular 5-year ARM dipped lower to 3.01 percent.
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 3.97 percent, the monthly payment for the same size loan would be $947.93, a difference of $294 per month for anyone refinancing now.
30-year fixed: 3.94% -- down from 3.97% last week (avg. points: 0.46)
15-year fixed: 3.15% -- down from 3.19% last week (avg. points: 0.33)
5/1 ARM: 3.01% -- down from 3.02% 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.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/finance/news/rates-smaller-loan-terms-shorter.aspx?ic_id=Top_Stories_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 the panelists, 50 percent, see little change in mortgage rates over the next seven days. A little less than one-third, 31 percent, predict a decrease in mortgage rates and just 19 percent forecast an increase in the coming week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.
About Bankrate, Inc. (NYSE: RATE)
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, CreditCardGuide.com, Bankaholic, CreditCards.com and NetQuote. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 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 reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers.
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SOURCE Bankrate, Inc.