NEW YORK, April 24 /PRNewswire-FirstCall/ -- Fixed mortgage rates moved slightly higher for the second week in a row, with the average conforming 30-year fixed mortgage rate rising to 6.11 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.43 discount and origination points.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO ) The average 15-year fixed rate mortgage popular for refinancing increased to 5.70 percent, while the average jumbo 30-year fixed rate inched higher to 7.34 percent. Adjustable mortgage rates were no exception, with the average 1-year ARM rising to 6.55 percent while the average 5/1 ARM moved up to 5.92 percent.
Mortgage rates were higher over the last week due to persistent concerns about inflation, as oil prices approached $120 per barrel, and hopes that the housing market is bottoming. Bond yields, to which mortgage rates are closely related, moved up in response. With another interest rate cut expected from the Federal Reserve at their meeting next week and a full economic calendar into early May, mortgage rates could be volatile. Further signs of economic weakness would likely push mortgage rates down, but inflation could propel rates higher.
Mortgage rates have been on a wild ride since the beginning of the year. The average 30-year fixed mortgage rate was as low as 5.57 percent in January, meaning that a $200,000 loan would have carried a monthly payment of $1,144.38. In February, the average 30-year fixed rate got as high as 6.41 percent, which meant the same $200,000 loan would have carried a monthly payment of $1,252.32. Today, with the average rate at 6.11 percent, a $200,000 loan would mean a monthly payment of $1,213.28.
SURVEY RESULTS 30-year fixed: 6.11% -- up from 6.03% last week (avg. points: 0.43) 15-year fixed: 5.70% -- up from 5.65% last week (avg. points: 0.41) 5/1 ARM: 5.92% -- up from 5.85% last week (avg. points: 0.51) 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 forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. Nearly half of the panelists, 46 percent, expect rates to rise further, while 36 percent forecast a decline in rates. The remaining 18 percent feel that rates will remain more or less unchanged in the coming 30 to 45 days.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI About Bankrate, Inc. (NASDAQ:RATE) The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure and InsureMe. 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. In 2007, Bankrate.com had nearly 60 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ:YHOO), America Online (NYSE:TWX), The Wall Street Journal and The New York Times (NYSE:NYT). Bankrate.com's information is also distributed through more than 500 newspapers.
For more information contact:
Kayleen Keneally
Senior Director, Corporate Communications
917-368-8677 NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to Bankrate.com http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO http://photoarchive.ap.org/ DATASOURCE: Bankrate, Inc.
CONTACT: Kayleen Keneally of Bankrate, Inc., Senior Director, Corporate Communications, +1-917-368-8677, Web site: http://www.bankrate.com/ http://www.bankrate.com/mortgagerates http://www.bankrate.com/RTI
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