NEW YORK, -Mortgage rates retreated again this week, with the benchmark 30-year fixed mortgage rate pulling back to 4.37 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.30 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 slipped to 3.45 percent, while the larger jumbo 30-year fixed mortgage rate ticked down to 4.39 percent. Adjustable rate mortgages were also down this week, with the 3-year ARM sliding to 3.23 percent and the 5-year inching lower to 3.34 percent.
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. Now one year later, with the average rate at 4.44 percent, the monthly payment for the same size loan would be $997.98, a difference of $98 per month for anyone that waited.
SURVEY RESULTS
30-year fixed: 4.37% -- down from 4.44% last week (avg. points: 0.30)
15-year fixed: 3.45% -- down from 3.51% last week (avg. points: 0.24)
5/1 ARM: 3.34% -- down from 3.35% last week (avg. points: 0.23)
15-year fixed: 3.45% -- down from 3.51% last week (avg. points: 0.24)
5/1 ARM: 3.34% -- down from 3.35% last week (avg. points: 0.23)
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/mortgagerates.
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