NEW YORK, Sept 02, 2010 /PRNewswire via
COMTEX News Network/ -- Mortgage rates moved lower this week, with the
average conforming 30-year fixed mortgage rate hitting another record
low of 4.53 percent, according to Bankrate.com's weekly national survey.
The average 30-year fixed mortgage has an average of 0.42 discount and
origination points.
The average 15-year
fixed mortgage retreated to 4.05 percent, and the larger jumbo 30-year
fixed rate dropped to 5.17 percent, both record lows. Adjustable rate
mortgages were mixed, with the average 5-year ARM nosing higher to 3.86 percent and the average 7-year ARM drifting lower to 4.16 percent.
Nervousness about
the economy brought mortgage rates lower, as has consistently been the
case since May. An upcoming jobs report promises to add further
volatility to mortgage rates. While low mortgage rates have produced a
surge in refinancing activity, they aren't packing the same punch on
home purchases because would-be buyers are saddled with existing homes
they can't sell, are nervous about their jobs, or remain convinced that
home prices have further to fall.
The last time
mortgage rates were above 6 percent was Nov. 2008. At that time, the
average rate was 6.33 percent, meaning a $200,000 loan would have
carried a monthly payment of $1,241.86. With the average rate now 4.53
percent, the monthly payment for the same size loan would be $1,016.94,
a savings of almost $225 per month for a homeowner refinancing now.
SURVEY RESULTS
30-year fixed:
4.53% -- down from 4.59% last week (avg. points: 0.42)
15-year fixed:
4.05% -- down from 4.08% last week (avg. points: 0.40)
5/1 ARM: 3.86% -- up from 3.85% last week (avg. points: 0.30)
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.
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 more than half of the panelists, 52 percent, say
mortgage rates aren't headed anywhere and will remain more or less
unchanged. The remaining respondents are evenly split, with 24 percent
forecasting still lower mortgage rates and 24 percent predicting
mortgage rates will rise in the next week.
The Bankrate
network of companies includes
Bankrate.com,
Interest.com,
Mortgage-calc.com,
Nationwide Card Services,
Savingforcollege.com,
Fee Disclosure,
InsureMe
CreditCardGuide.com,
Bankaholic,
Bargaineering,
CreditCards.com and
NetQuote. Each of these businesses helps consumers to make informed
decisions about their personal finance matters. The company's flagship
brand, Bankrate.com is a destination site of personal finance channels,
including banking, investing, taxes, debt management and college
finance. Bankrate.com is the leading aggregator of rates and other
information on more than 300 financial products, including mortgages,
credit cards, new and used auto loans, money market accounts and CDs,
checking and ATM fees, home equity loans and online banking fees.
Bankrate.com reviews more than 4,800 financial institutions in 575
markets in 50 states. Bankrate.com provides financial applications and
information to a network of more than 75 partners, including Yahoo! (Nasdaq:
YHOO), America Online (NYSE:
AOL), The Wall Street Journal and The New York Times (NYSE: NYT).
Bankrate.com's information is also distributed through more than 500
newspapers. Bankrate, Inc. was acquired by Apax Partners, one of the
world's leading private equity investment groups, in September 2009.
Apax operates across the United States, Europe and Asia and has more
than 30 years of investing experience. For more information on Apax,
visit:
www.Apax.com.
Source:
Bankrate.com
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