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Bankrate: Mortgage Rate Rise to 4.71 Percent

Dec 02, 2010

Mortgage rates moved up notably this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate rising to 4.71 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points. The average 15-year fixed mortgage increased to 4.07 percent, and the larger jumbo 30-year fixed rate did as well, settling at 5.29 percent. Adjustable rate mortgages were also on the rise, with the average five-year ARM climbing to 3.74 percent and the average seven-year ARM jumping to 4.08 percent. Good news regarding the U.S. economy alternated with European debt worries and tensions on the Korean Peninsula. Despite ample nervousness among investors—a condition that would typically drive rates lower—mortgage rates posted a notable increase for the second time in three weeks. The November employment report due Dec. 3 could be the catalyst for the next move in mortgage rates, with evidence of solid private sector job growth fuel for higher rates. The last time mortgage rates were above six percent was November of 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 4.71 percent, the monthly payment for the same size loan would be $1,038.48, a savings of $203 per month for a homeowner refinancing now. The Bankrate survey found the following: ►30-year fixed: 4.71 percent—up from 4.58 percent last week (avg. points: 0.36) ►15-year fixed: 4.07 percent—up from 3.97 percent last week (avg. points: 0.35) ►5/1 ARM: 3.74 percent—up from 3.66 percent last week (avg. points: 0.38) 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. Most panelists, 64 percent, think mortgage rates are headed higher, with 22 percent predicting mortgage rates will remain more or less unchanged over the next week. Just 14 percent expect mortgage rates to decline. To view local mortgage rates, click here.
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