NEW YORK, Sept. 28, 2017 /PRNewswire/ -- Mortgage
rates showed only subtle movement this week, with the benchmark
30-year fixed mortgage rate inching lower to 4.03 percent,
according to Bankrate.com's weekly national survey. The average
30-year fixed mortgage has an average of 0.30 discount and
origination points.
The larger jumbo 30-year fixed climbed for a third consecutive
week, rising to 4.15 percent, while the average 15-year fixed
mortgage rate moved up more subtly to 3.27 percent. Adjustable
mortgage rates were mixed, with the 5-year ARM unchanged at 3.52
percent and the 7-year ARM increasing to 3.72 percent.
Mortgage rates were mostly higher for a third week in a row. A
Federal Reserve that is seen, at least intermittently, as being
more hawkish and the prospect of forthcoming tax reform have both
pushed bond yields and mortgage rates higher. Mortgage rates are
closely related to yields on long-term government bonds. Talk of
tax reform tends to get investors thinking about faster economic
growth, higher inflation, and higher interest rates. Coupled with a
Fed that is now working both short- and long-term interest rates
through monetary policy and the unwinding of their bond portfolio,
investors are seeing signs of higher interest rates in every
direction they look. At least until the next crisis gets investors'
blood pressure rising.
At the current average 30-year fixed mortgage rate of 4.03
percent, the monthly payment for a $200,000 loan is $958.29.
SURVEY RESULTS
30-year fixed: 4.03% -- down from 4.04% last week
(avg. points: 0.30)
15-year fixed: 3.27% -- up from 3.25% last week (avg. points:
0.26)
5/1 ARM: 3.52% -- unchanged from last week (avg. points: 0.36)
Bankrate's national weekly mortgage survey is conducted
every Wednesday from data provided by the top 10 banks and thrifts
in 10 top markets. For a full analysis of this week's move in
mortgage rates, go to
http://www.bankrate.com/mortgages/analysis/.
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 this week, as 42 percent of respondents expect a decline
in mortgage rates while 31 percent forecast an increase. Just 25
percent predict that mortgage rates will remain 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
