NEW YORK, Sept. 21, 2017 /PRNewswire/ -- Mortgage
rates increased for a second consecutive week, with the benchmark
30-year fixed mortgage rate rising above the 4 percent threshold to
4.04 percent, according to Bankrate.com's weekly national survey.
The average 30-year fixed mortgage has an average of 0.28 discount
and origination points.
The larger jumbo 30-year fixed climbed to 4.09 percent, and the
average 15-year fixed mortgage rate stepped up to 3.25 percent.
Adjustable mortgage rates were mostly higher, with the 5-year ARM
ascending to 3.52 percent and the 7-year ARM increasing to 3.69
percent.
Mortgage rates increased for a second consecutive week, but only
modestly. Mortgage rates are at levels seen just a handful of weeks
ago, with bond yields and mortgage rates rebounding as market
tensions eased. A temporary agreement to avoid a debt default and
government shutdown were reached, chatter about forthcoming tax
reform is louder than ever, and despite the continued exchange of
barbs with North Korea markets
have been unfazed. The widely expected announcement by the Federal
Reserve about beginning to downsize their $4.5 trillion bond portfolio in October also had
bond investors unwinding some of their positions. As investors
lightened their bond holdings, it pushed yields on government and
mortgage backed bonds higher. Mortgage rates are closely
related to yields on long-term government bonds.
At the current average 30-year fixed mortgage rate of 4.04
percent, the monthly payment for a $200,000 loan is $959.45.
SURVEY RESULTS
30-year fixed: 4.04% -- up from 3.99% last week
(avg. points: 0.28)
15-year fixed: 3.25% -- up from 3.22% last week
(avg. points: 0.23)
5/1 ARM: 3.52% -- up from 3.46% last week (avg.
points: 0.35)
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 46 percent of respondents predict mortgage
rates will remain more or less unchanged, while 31 percent forecast
an increase. Just 23 percent expect a decline in mortgages over 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