NEW YORK, Oct. 6, 2016 /PRNewswire/ -- Mortgage rates
moved higher this week with the benchmark 30-year fixed mortgage
rate rising to 3.56 percent, according to Bankrate.com's weekly
national survey. The 30-year fixed mortgage has an average of 0.24
discount and origination points.
The larger jumbo 30-year fixed bumped up to 3.58 percent after
tying a record low last week, while the average 15-year fixed
mortgage rate climbed to 2.85 percent. Adjustable mortgage rates
were on the rise as well, with the 5-year ARM rising to 3.07
percent and the 7-year ARM reaching 3.24 percent.
Mortgage rates began to move higher amid increased speculation
about forthcoming Federal Reserve interest rate hikes. Improved
readings on consumer sentiment and a brighter than expected outlook
from the manufacturing sector, along with tough talk on interest
rates from the President of the Federal Reserve Bank of Richmond
Jeffrey Lacker, had investors increasing the odds of a December
interest rate hike. Yields on long-term bonds, to which mortgage
rates are closely related, moved higher in response.
At the current average 30-year fixed mortgage rate of 3.56
percent, the monthly payment for a $200,000 loan is $904.80.
SURVEY RESULTS
30-year fixed: 3.56% -- up from 3.54% last week
(avg. points: 0.24)
15-year fixed: 2.85% -- up from 2.82% last week
(avg. points: 0.20)
5/1 ARM: 3.07% -- up from 3.04% last week (avg.
points: 0.25)
Bankrate's national weekly mortgage survey is conducted
each Wednesday from data provided by the top 10 banks and thrifts
in 10 top markets. However, this week's survey was conducted on
Tuesday due to Hurricane Matthew's approach to the southeastern
U.S.
For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/finance/mortgages/mortgage-analysis-100516.aspx
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. The majority of
respondents – 62.5 percent – expect mortgage rates to rise over the
next week, while 37.5 percent predict further declines. None of the
experts foresee mortgage rates remaining more or less unchanged in
the coming week.
About Bankrate.com
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans, and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today, The New York
Times and The Los Angeles
Times.
For more information contact:
Kayleen Yates
Vice President, Corporate Communications
kyates@bankrate.com
(917)
368-8677
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SOURCE Bankrate.com