Bankrate: Mortgage Rates Post First Increase in a Month

Mortgage rates increased modestly this week, with the benchmark 30-year fixed mortgage rate ticking up to 3.75 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.19 discount and origination points.

The larger jumbo 30-year fixed stepped lower to 3.67 percent, and the average 15-year fixed mortgage nosed up to the 3 percent mark. Adjustable mortgage rates were higher as well, albeit modestly, with the 5-year ARM increasing to 3.13 percent while the 7-year ARM crept higher to 3.37 percent.   

Mortgage rates reversed last week's move, posting the first increase since mid-March. But the movement was pretty tame as not much changed in the previous week – we saw more mixed news on the economy against the backdrop of economic weakness and accommodative central banks overseas. Still, mortgage rates are at levels that prior to this month would have been the lowest since 2013, so nobody's mortgage refinancing is in jeopardy and nobody is being priced out of the market based on mortgage rates.  With the Federal Open Market Committee meeting next week, don't expect big mortgage rate moves beforehand as markets await the Fed's thoughts on interest rates and the economy.

At the current average 30-year fixed mortgage rate of 3.75 percent, the monthly payment for a $200,000 loan is $926.23. 

SURVEY RESULTS

30-year fixed: 3.75% -- up from 3.72% last week (avg. points: 0.19)

15-year fixed: 3.00% -- up from 2.99% last week (avg. points: 0.16)

5/1 ARM: 3.13% -- up from 3.11% last week (avg. points: 0.20)

Borrowers with Low Credit Scores Found it Easier to Get a Home Loan in 2014

Mortgage lending standards loosened in 2014, making it easier for borrowers with low credit scores to get a mortgage, but borrowers with low down payments saw financing options begin to tighten in the fourth quarter, according to the quarterly Zillow® Mortgage Access Index (ZMAI). Overall, it was still easier for home buyers to access credit in 2014 compared with the prior year.

The Index, which currently stands at 69.4, dropped 2.1 points from the third to the fourth quarter, but is up more than 18 points from the fourth quarter of 2013. An Index reading of 100 would indicate that credit has returned to pre-housing bubble levels.

In 2014, lenders lowered their credit score requirements for conventional loans, opening the door to a new subset of borrowers - those with scores of less than 680. Borrowers who were previously only eligible for an FHA loan due to their low credit scores are now more likely to get a less expensive conventional loan with private mortgage insurance.  At the end of 2014, it was easier for borrowers with low credit scores to get conventional loans than it had been since 2008.

However, in the fourth quarter of 2014 lenders began to offer fewer financing options to borrowers with low down payments. This move forced borrowers who may have previously been able to get a conventional mortgage with a low down payment back to FHA loans. Additionally, the rate of creative financing like second mortgages or piggyback loans, which are typically used to avoid paying mortgage insurance, fell in the quarter.

"After several years of rapidly increasing access to home loans, lenders are taking a pause," said Dr. Stan Humphries, Zillow chief economist. "With the mini-boomlet in refinance activity late last year, perhaps there was less business imperative for banks to attract new customers with looser lending. Don't expect this trend to continue though. Instead, credit access should continue its slow normalization, although it's doubtful it will ever return fully to where it was pre-bubble. The new normal likely lies somewhere between current conditions and those of the early 2000s."

Variables Used to Calculate the ZMAI	Q4 2013	Q3 2014	Q4 2014
Private Mortgage Insurance (PMI) Percentage i	43.9%	47.3%	45.7%
Second Mortgage Prevalenceii	8.6%	12.4%	12.0%
Debt-to-income ratioiii	44%	44%	44%
Credit Scoreiv	682	673	674
Non-conforming Loansv	8.6%	9.8%	9.6%
Mortgage Rate Spread (percentage points)vi	1.42	1.64	1.69
Zillow Mortgage Quotesvii	35%	53%	53%
Zillow Mortgage Access Indexviii	51.1	71.5	69.4

Bankrate: Mortgage Rates Show Little Movement

ortgage rates were little changed this week, with the benchmark 30-year fixed mortgage rate remaining at 3.82 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.25 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 slipped to 3.04 percent while the larger jumbo 30-year fixed mortgage inched lower, returning to the record low of 3.92 percent. Adjustable rate mortgages were mostly lower, with the 5-year ARM sliding to 3.06 percent and the 7-year ARM stepping back to 3.27 percent.         

A disappointingly weak monthly jobs report and more concern about economic weakness kept a lid on mortgage rates this week. The uncertain timetable for Federal Reserve interest rate hikes has mortgage rates in a holding pattern. However, mortgage rates are holding at some of the lowest levels, not just of 2015, but in nearly two years. With home sales still sluggish and any material growth in household income yet to materialize, the attractive mortgage rates are one inducement that could get buyers off the sidelines, particularly with the likelihood of higher rates later in the year.

One year ago, the average 30-year fixed mortgage rate was 4.47 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,009.81. With the average rate now at 3.82 percent, the monthly payment for the same size loan would be $934.19, a savings of $75 per month for anyone refinancing now.  

SURVEY RESULTS

30-year fixed: 3.82% -- unchanged from last week (avg. points: 0.25)
15-year fixed: 3.04% -- down from 3.06% last week (avg. points: 0.19)
5/1 ARM: 3.06% -- down from 3.10% last week (avg. points: 0.19)

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.

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. This week the majority of panelists, 70 percent, expect mortgage rates to remain more or less unchanged in the coming week. Twenty percent predict an increase in mortgage rates and just 10 percent forecast a decline in the coming week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx.

Bankrate: Mortgage Rates Inch Upward

Mortgage rates were up slightly this week, with the benchmark 30-year fixed mortgage rate nosing higher to 3.82 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.27 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 stepped up to 3.06 percent while the larger jumbo 30-year fixed mortgage increased just slightly from last week's record low to 3.93 percent. Adjustable rate mortgages posted mixed results, with the 5-year ARM sliding to 3.10 percent and the 10-year ARM up modestly to 3.60 percent.         

After falling for two consecutive weeks, mortgage rates were up ever so slightly this week, but remain near the low point of 2015. A week of mixed economic results and plenty of stock market volatility to close out the first quarter held bond yields and mortgage rates in check. Mortgage rates are closely related to yields on long-term government bonds. The occasional economic disappointment that keeps everyone guessing about the Federal Reserve's timetable for interest rate hikes, and the flood of European Central Bank stimulus pushing capital to U.S. shores, each helps keep a lid on long-term interest rates.

One year ago, the average 30-year fixed mortgage rate was 4.54 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,018.13. With the average rate now at 3.82 percent, the monthly payment for the same size loan would be $934.19, a savings of roughly $84 per month for anyone refinancing now.  

SURVEY RESULTS

30-year fixed: 3.82% -- up from 3.80% last week (avg. points: 0.27)

15-year fixed: 3.06% -- up from 3.04% last week (avg. points: 0.21)

5/1 ARM: 3.10% -- down from 3.14% last week (avg. points: 0.19)

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.

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. This week the panelists are as evenly divided as they could possibly be, with one-third predicting rates will rise, one-third saying they will fall, and one-third expecting mortgage rates to remain more or less unchanged in the coming week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx.

Bankrate: Mortgage Rates Continue to Rise

Mortgage rates continue to rise this week, with the benchmark 30-year fixed mortgage rate climbing to 3.96 percent, according to Bankrate.com's weekly national survey. The 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 increased to 3.21 percent while the larger jumbo 30-year fixed mortgage hit a 2-month high of 4.11 percent. Adjustable rate mortgages were mixed, with the 5-year ARM dipping slightly to 3.31 percent and the 7-year ARM inching up to 3.52 percent.         

Mortgage rates climbed again as U.S. economic performance has been convincing enough to increase the odds of a June interest rate hike by the Federal Reserve. Mortgage rates had fallen as the year got under way on concerns over international growth. Those concerns haven't gone away, and in fact have increased with Ukraine and Greece now drawing attention. However, these international concerns are being overshadowed by the increased likelihood of a mid-year Fed interest rate hike. Mortgage rates are closely related to yields on long-term government bonds.

One year ago, the average 30-year fixed mortgage rate was 4.48 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,011.00. With the average rate now at 3.96 percent, the monthly payment for the same size loan would be $950.22, a savings of $61 per month for anyone refinancing now.  

SURVEY RESULTS

30-year fixed: 3.96% -- up from 3.90% last week (avg. points: 0.30)
15-year fixed: 3.21% -- up from 3.17% last week (avg. points: 0.19)
5/1 ARM: 3.31% -- down from 3.32% last week (avg. points: 0.21)

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.

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. Just under half of the panelists, 46 percent, expect mortgage rates to continue to climb. Thirty –one percent forecast that mortgage rates will remain more or less unchanged, while the remaining 23 percent predict that mortgage rates will pull back over the next week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx.

Mortgage Rates Hover at Lowest Levels Since May 2013

Mortgage rates were little changed, with the benchmark 30-year fixed mortgage rate holding at 3.80 percent, according to Bankrate.com's weekly national survey. The 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 inched lower to 3.12 percent while the larger jumbo 30-year fixed mortgage remained at 4.02 percent. Adjustable rate mortgages moved modestly higher, with the 5-year ARM inching upward to 3.20 percent and the 7-year ARM climbing to 3.41 percent.        

Mortgage rates have entered a period of calm, remaining at the lowest levels since May 2013. Although the U.S. economy is improving, not much has changed on the global stage, with continued weakness and slower growth in both developed and emerging markets worldwide. This has helped sustain a high level of demand for the safety of U.S. Treasury securities, keeping both bond yields and mortgage rates low. Mortgage rates are closely related to yields on long-term government bonds.

One year ago, the average 30-year fixed mortgage rate was 4.43 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,005.07. With the average rate now at 3.80 percent, the monthly payment for the same size loan would be $931.91, a savings of approximately $73 per month for anyone refinancing now.  

SURVEY RESULTS

30-year fixed: 3.80% -- unchanged from last week (avg. points: 0.30)

15-year fixed: 3.12% -- down from 3.13% last week (avg. points: 0.16)

5/1 ARM: 3.20% -- up from 3.19% last week (avg. points: 0.21)

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

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. There is no clear consensus among the panelists this week, with 46 percent expecting mortgage rates to remain more or less unchanged over the next week and 31 percent forecasting a decrease. The remaining 23 percent predict an increase in mortgage rates over the coming week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx

Mortgage Rates Inch Higher

ortgage rates marked a slight increase this week, with the benchmark 30-year fixed mortgage rate rising to 3.81 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.25 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 climbed to 3.18 percent while the larger jumbo 30-year fixed mortgage inched to 4.01 percent. Adjustable rate mortgages were mixed, with the 5-year ARM jumping to 3.19 percent and the 7-year ARM holding steady at 3.31 percent, the lowest since June 2013.       

Mortgage rates moved up slightly in the past week, but remain at among the lowest levels since May 2013. Financial markets continue to be gripped by worries about the global economy, with terrorism and unrest only adding to the concerns. Those concerns, coupled with the expectation of quantitative easing from the European Central Bank, are keeping bond yields and mortgage rates at very low levels. Mortgage rates are closely related to yields on long-term government bonds.

One year ago, the average 30-year fixed mortgage rate was 4.57 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,021.71. With the average rate now at 3.81 percent, the monthly payment for the same size loan would be $933.05, a savings of approximately $89 per month for anyone refinancing now.  

SURVEY RESULTS

30-year fixed: 3.81% -- up from 3.80% last week (avg. points: 0.25)

15-year fixed: 3.18% -- up from 3.11% last week (avg. points: 0.19)

5/1 ARM: 3.19% -- up from 3.09% last week (avg. points: 0.19)

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.

Mortgage Rates Continue to Fall

Mortgage rates fell for a second week in a row, with the benchmark 30-year fixed mortgage rate dropping to 3.80 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.27 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 retreated to 3.11 percent while the larger jumbo 30-year fixed mortgage pulled back below the 4 percent mark to 3.95 percent. Adjustable rate mortgages were mostly lower also, with the 5-year ARM sinking to 3.09 percent and the 7-year ARM sliding to 3.31 percent, the lowest since June 2013.       

Estimates for global economic growth were trimmed further this week, testament to the ongoing worries gripping financial markets. Those economic concerns, coupled with further declines in oil prices and renewed volatility in the stock market, brought bond yields and mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds. Fixed mortgage rates remain the lowest since May 2013.

One year ago, the average 30-year fixed mortgage rate was 4.57 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,021.71. With the average rate now at 3.80 percent, the monthly payment for the same size loan would be $931.94, a savings of approximately $90 per month for anyone refinancing now.  

SURVEY RESULTS

30-year fixed: 3.80% -- down from 3.85% last week (avg. points: 0.27)

15-year fixed: 3.11% -- down from 3.16% last week (avg. points: 0.18)

5/1 ARM: 3.09% -- down from 3.20% last week (avg. points: 0.19)

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.

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. Nearly two-thirds of the panelists, 64 percent, expect mortgage rates to continue falling. Twenty-nine percent predict that mortgage rates will remain more or less unchanged, while just 7 percent forecast a rebound in mortgage rates over the coming week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx.

CoreLogic Reports Home Prices Rose by 5.5 Percent Year Over Year in November 2014

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its November 2014 CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 5.5 percent in November 2014 compared to November 2013. This change represents 33 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, rose by 0.1 percent in November 2014 compared to October 2014.*

At the state level, including distressed sales, all states and the District of Columbia showed year-over-year home price appreciation in November. Twenty-nine states are at or within 10 percent of their peak. Seven states reached new highs in the home price index (since January 1976 when the index starts); these states were: Colorado, North Dakota, Oklahoma, South Dakota, Tennessee, Texas and Wyoming.

Excluding distressed sales, home prices nationally increased 5.3 percent in November 2014 compared to November 2013 and 0.3 percent month over month compared to October 2014. Also excluding distressed sales, all states and the District of Columbia showed year-over-year home price appreciation in November. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to decrease 0.1 percent month over month from November 2014 to December 2014 and increase, on a year-over-year basis, by 4.6 percent** from November 2014 to November 2015. Excluding distressed sales, home prices are also expected to decrease by 0.1 percent month over month from November 2014 to December 2014 and increase by 4.2 percent** year over year from November 2014 to November 2015. The CoreLogic HPI Forecast is a monthly projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“After decelerating for most of the year, home price growth has been holding firm between a 5-percent and 6-percent growth rate for the last four months,” said Sam Khater, deputy chief economist at CoreLogic. “However, pockets of weakness are clear in Baltimore and Washington D.C., and three of the top four states with the highest price appreciation are energy intensive and had been benefitting from the energy boom which is currently receding as oil prices trend downward. These states—Texas, Colorado and North Dakota, may see some downward pressure on prices in 2015.”

“The pace of home price gains have slowed as we exit 2014 but this is probably only a temporary lull,” said Anand Nallathambi, president and CEO of CoreLogic. “While the CoreLogic HPI Forecast shows a slight dip in prices next month, we believe that prices will be up a year from now as continued economic growth fuels buyer confidence and their willingness to purchase a home and invest in their future.”

Highlights as of November 2014:

• Including distressed sales, the five states with the highest home price appreciation were: Michigan (+9.0 percent), Colorado (+8.8 percent), Texas (+8.5 percent), North Dakota (+7.9 percent) and Nevada (+7.9 percent).
• Excluding distressed sales, the five states with the highest home price appreciation were: Massachusetts (+8.6 percent), Texas (+7.9 percent), Colorado (+7.8 percent), North Dakota (+7.8 percent) and South Dakota (+7.5 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to November 2014) was -12.9 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -9.2 percent.
• Including distressed sales, the 5-year HPI change (from November 2009 to November 2014) is 18.9 percent.
• The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (-35.7 percent), Florida (-33.4 percent), Arizona (-29.3 percent), Rhode Island (-29.1 percent) and Connecticut (-23.2 percent).
• Including distressed sales, the U.S. has experienced 33 consecutive months of year-over-year increases; however, the national increase is no longer posting double-digits.
• Ninety-six of the top 100 Core Based Statistical Areas (CBSAs) measured by population showed year-over-year increases in November 2014. The four CBSAs that showed year-over-year declines were: Baltimore-Columbia-Towson, Md.; Camden, N.J.; Greensboro-High Point, N.C.; and Winston-Salem, N.C.

*October data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
** The forecast accuracy represents a 95-percent statistical confidence interval with a +/- 2.0 percent margin of error for the index including distressed sales and a +/- 1.9 percent margin of error for the index excluding distressed sales.

Bankrate: Mortgage Rates Hit 2014 Low Point

NEW YORK,-- Mortgage rates moved lower for a second consecutive week, hitting a 14-month low. The benchmark 30-year fixed mortgage rate fell to 4.24 percent, and has an average of 0.28 discount and origination points according to Bankrate.com's weekly national survey.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage rate moved a touch lower to 3.37 percent, while the larger jumbo 30-year fixed mortgage rate sank to 4.29 percent. Adjustable rate mortgages were also lower, with the 5-year ARM slipping to 3.28 percent and the 7-year ARM stepping down to 3.49 percent, both three-month lows.      

Muted inflation readings and ongoing tensions in hotspots around the globe helped fuel demand for bonds, pushing mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds. Any time there is reason for nervousness among investors, their movement into the perceived safe haven of bonds is good news for mortgage rates. Low inflation has also been a boon for bond demand as inflation erodes the fixed payments bond holders receive.  

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 4.24 percent, the monthly payment for the same size loan would be $979.25, a savings of nearly $57 per month for anyone that waited.

SURVEY RESULTS

30-year fixed: 4.24% -- down from 4.27% last week (avg. points: 0.28)

15-year fixed: 3.37% -- down from 3.39% last week (avg. points: 0.17)

5/1 ARM: 3.28% -- down from 3.324% last week (avg. points: 0.15)

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)

Bankrate: Mortgage Rates Slightly Higher Following Strong Jobs Report

NEW YORK -- Mortgage rates moved higher following a stronger than expected jobs report, with the benchmark 30-year fixed mortgage rate rising to 4.31 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.33 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 inched higher to 3.41 percent, while the larger jumbo 30-year fixed mortgage rate increased to 4.33 percent. Adjustable rate mortgages were mixed, with the 5-year ARM holding steady at 3.33 percent and the 10-year ARM climbing to 3.88 percent.     

So why did a blockbuster jobs report have such a muted impact on mortgage rates? In large part the flood of cheap money from central banks around the globe is keeping a lid on rates, even in the face of the type of economic news that historically has pushed rates higher in a more pronounced way. Many investors around the globe are parking this cheap cash in the safety of U.S. Treasury securities, at yields that are favorable to what can be found elsewhere around the globe. 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. After drifting lower throughout the first half of 2014, the average rate is now 4.31 percent, and the monthly payment for the same size loan would be $990.92, a savings of $45 per month for anyone that waited.

SURVEY RESULTS

30-year fixed: 4.31% -- up from 4.28% last week (avg. points: 0.33)

15-year fixed: 3.41% -- up from 3.40% last week (avg. points: 0.19)

5/1 ARM: 3.33% -- unchanged from last week (avg. points: 0.21)

Bankrate: Mortgage Rates Largely Unchanged as Fed Stays Course

NEW YORK,  -- Mortgage rates inched lower this week, with the benchmark 30-year fixed mortgage rate dipping 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 nosed higher to 3.44 percent, while the larger jumbo 30-year fixed mortgage rate slid to 4.38 percent. Adjustable rate mortgages were mostly higher, with the 3-year ARM rising to 3.27 percent and the 7-year ARM drifting upward to 3.63 percent.     

Mortgage rates remain at attractive levels despite the ongoing tapering of bond stimulus by the Federal Reserve, defying expectations for rising rates this year. How is this? One reason is the choppy economic performance to start 2014, including a notable economic contraction in the first three months of the year. But a second contributor is the fact that, although the Fed is buying fewer bonds, the ongoing stimulus efforts of the European Central Bank have driven interest rates so low on the other side of the Atlantic that many overseas investors have piled into U.S. Treasuries, filling the void left by the Fed and keeping both bond yields and mortgage rates at low levels. 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. After drifting lower for much of the first five months of 2014, the average rate is now 4.33 percent, and the monthly payment for the same size loan would be $993.27, a savings of nearly $43 per month for anyone that waited.

SURVEY RESULTS

30-year fixed: 4.33% -- down from 4.34% last week (avg. points: 0.35)
15-year fixed: 3.44% -- up from 3.43% last week (avg. points: 0.19)
5/1 ARM: 3.37% -- unchanged from last week (avg. points: 0.22)