Mortgage rates climbed higher this week, with the average conforming 30-year fixed mortgage rising to 5.02 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points. The average 15-year fixed mortgage increased to 4.39 percent and the larger jumbo 30-year fixed rate rose to 5.64 percent. Adjustable-rate mortgages (ARMs) also rose, with the average five-year ARM rising to four percent and the average seven-year ARM reaching 4.43 percent.
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 5.02 percent, the monthly payment for the same size loan would be $1,076.09, a savings of $166 per month for a homeowner refinancing now.
The Bankrate.com survey has found:
►30-year fixed: 5.02 percent—up from 4.96 percent last week (avg. points: 0.44)
►15-year fixed: 4.39 percent—up from 4.29 percent last week (avg. points: 0.4)
►5/1 ARM: 4.00 percent—up from 3.92 percent last week (avg. points: 0.45)
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.
To see mortgage rates in your area, click here.
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. More than half of the panelists, 55 percent, believe mortgage rates will continue to rise. 27 percent expect mortgage rates to remain more or less unchanged while the remaining 18 percent think rates will decline over the next seven days.
For more information, visit www.BankRate.com.