NEW YORK, March 21, 2013 /PRNewswire/ -- The financial crisis in tiny Cyprus stoked tensions enough to bring mortgage rates back down this week, with the benchmark 30-year fixed mortgage rate settling at 3.78 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage rate dipped below the 3 percent mark to 2.97 percent, while the larger jumbo 30-year fixed mortgage fell to 4.13 percent. Adjustable rate mortgages were broadly lower, with the 3-year ARM and 5-year ARM moving to the lowest levels since January, pulling back to 2.97 percent and 2.71 percent, respectively.
This week's move in mortgage rates unwound much of the increase seen last week following better news on the job market and the overall U.S. economy. Any time there is nervousness or tension, it tends to be good news for mortgage rates. Conversely, better news on the economic front often means higher mortgage rates.
The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 3.78 percent, the monthly payment for the same size loan would be $929.64, a difference of $152 per month for anyone refinancing now.
30-year fixed: 3.78% -- down from 3.85% last week (avg. points: 0.37)
15-year fixed: 2.97% -- down from 3.03% last week (avg. points: 0.34)
5/1 ARM: 2.71% -- down from 2.82% last week (avg. points: 0.30)
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 split, with 44 percent forecasting a decrease and 44 percent expecting mortgage rates to remain more or less unchanged over the next week. Just 12 percent predict an increase in mortgage rates over the next seven days.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI
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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SOURCE Bankrate, Inc.