NEW YORK, May 15, 2014 /PRNewswire/ -- Mortgage rates posted modest movement this week, with the benchmark 30-year fixed mortgage rate inching lower to 4.33 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.35 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 dipped to 3.42 percent, while the larger jumbo 30-year fixed mortgage rate ticked down to 4.35 percent. Adjustable rate mortgages only slightly changed this week, with the 3-year ARM holding steady at 3.23 percent and the 5-year slipping to 3.31 percent.
Rates began trending down on Tuesday after a report on U.S. retail sales disappointed economists. Retail sales barely rose last month as consumers spent less on appliances, furniture, restaurants and online retailers. Investors tend to seek the safety of government bonds during times of uncertainty. As demand rises for U.S. Treasury bonds, yields fall -- and rates normally follow the same direction as yields.
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 $993.27, a difference of $93 per month for anyone that waited.
SURVEY RESULTS
30-year fixed: 4.33% -- down from 4.37% last week (avg. points: 0.35)
15-year fixed: 3.42% -- down from 3.45% last week (avg. points: 0.21)
5/1 ARM: 3.31% -- down from 3.34% last week (avg. points: 0.21)
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