NEW YORK, March 6, 2014 /PRNewswire/ -- Mortgage rates showed only slight movement this week, with the benchmark 30-year fixed mortgage rate inching lower for a second consecutive week to 4.45 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.36 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 was down for a third consecutive week, to 3.46 percent, the lowest level since right beforeThanksgiving. On larger jumbo mortgages, the average 30-year rate settled at 4.49 percent. Adjustable rate mortgages were also lower, with the popular 5-year adjustable retreating to a 4-month low of 3.26 percent.
The mortgage waters have been particularly calm over the last 30 days. The disappointing economic data hasn't been so bad as to raise concerns of a sharp economic slowdown – yet – but have been just tepid enough to cast doubt on the idea of the economy suddenly accelerating. So we end up with this Goldilocks scenario of economic growth that isn't too hot, but isn't too cold, which has kept bond yields and mortgage rates in check. Mortgage rates are closely related to yields on long-term government bonds.
On May 1, 2013, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.45 percent, the monthly payment for the same size loan would be$1,007.44, a difference of $107 per month for anyone that waited too long.
SURVEY RESULTS
30-year fixed: 4.45% -- down from 4.48% last week (avg. points: 0.36)
15-year fixed: 3.46% -- down from 3.50% last week (avg. points: 0.24)
5/1 ARM: 3.26% -- down from 3.30% last week (avg. points: 0.23)
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