NEW YORK, Aug. 9, 2012 /PRNewswire/ -- Mortgage rates moved only slightly this week, with the average rate on the benchmark 30-year fixed mortgage rising for the second consecutive week, to 3.81 percent according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 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 higher to 3 percent while the larger jumbo 30-year mortgage reversed course from last week, settling back at 4.38 percent. Adjustable mortgage rates were all over the map, with the 1-year ARM moving down to 3 percent, the 3-year ARM moving up to 2.98 percent, and the 5-year adjustable holding steady at 2.91 percent.
A better than expected jobs report for the month of July put a floor under bond yields and mortgage rates this week. With investors no longer feeling as if the sky is falling, at least temporarily, fixed mortgage rates did move a tad higher. Mortgage rates are closely related to yields on long-term government bonds. Should the better economic news continue, it would keep further Fed stimulus at bay, and likely push up rates a bit more, so stay tuned.
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 3.81 percent, the monthly payment for the same size loan would be $933.05, a difference of $308 per month for anyone refinancing now.
30-year fixed: 3.81% -- up from 3.77% last week (avg. points: 0.44)
15-year fixed: 3.00% -- up from 2.99% last week (avg. points: 0.35)
5/1 ARM: 2.91% -- unchanged from last week (avg. points: 0.34)
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/.
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 panelists are divided, with 42 percent expecting mortgage rates to increase and an equal 42 percent saying mortgage rates will remain more or less unchanged over the next seven days. Just 16 percent forecast a decline over 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, InsureMe, 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.