Thursday, July 31, 2014

Bankrate: Mortgage Rates Remain in Holding Pattern

NEW YORK, -- Mortgage rates were little changed this week, extending the recent trend. The benchmark 30-year fixed mortgage rate held at 4.28 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.29 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 rate ticked lower to 3.40 percent, while the larger jumbo 30-year fixed mortgage rate increased to 4.39 percent. Adjustable rate mortgages were slightly higher, with the 3-year ARM rising to 3.25 percent and the 5-year ARM inching up to 3.38 percent.      
Mortgage rates continue to hover, showing very little movement one way or another. The benchmark 30-year fixed mortgage rates has fluctuated within a very narrow range -- one-tenth of a percentage point – since mid-May as investors come to grips with the idea the Federal Reserve will hold interest rates steady into 2015. But as history has shown, these prolonged periods of stability in bond yields and mortgage rates often end suddenly, with a significant bout of volatility. Mortgage rates are closely related to yields on long-term government debt.
As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,036.07. Mortgage rates have moved lower thus far in 2014, and with the average rate now 4.28 percent, the monthly payment for the same size loan would be $987.40, a savings of $48 per month for anyone that waited.
SURVEY RESULTS
30-year fixed: 4.28% -- unchanged from last week (avg. points: 0.29)
15-year fixed: 3.40% -- down from 3.41% last week (avg. points: 0.2)
5/1 ARM: 3.38% -- up from 3.37% last week (avg. points: 0.19)

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