Mortgage rates enjoy a long vacation By Polyana da Costa • Bankrate Mortgage rates paused this week as investors digested some mixed economic news while keeping their eyes on the Fed to try to figure when interest rates will rise. 2014%30-year fixedAprJuneJuly4.204.304.404.50 30 year fixed rate mortgage – 3 month trend •The benchmark 30-year fixed-rate mortgage fell to 4.3 percent from 4.31 percent last week, according to the Bankrate national survey of large lenders. One year ago, that rate was 4.56 percent. Four weeks ago, it was 4.33 percent. The mortgages in this weeks survey had an average total of 0.3 discount and origination points. •The benchmark 15-year fixed-rate mortgage fell to 3.4 percent from 3.41 percent last week. •The benchmark 5/1 adjustable-rate mortgage was 3.33 percent, unchanged from last week. •The benchmark 30-year fixed-rate jumbo rose to 4.37 percent from 4.33 percent. Weekly national mortgage survey Results of Bankrates July 16, 2014, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan: 30-year fixed 15-year fixed 5-year ARM This weeks rate: 4.3 3.4 3.33 Change from last week: -0.01 -0.01 N/C Monthly payment: $816.54 $1,171.47 $725.35 Change from last week: -$0.97 -$0.81 N/C Add this table to your page ‹› get code Why have rates been asleep for so long? Rates might fluctuate in coming weeks, but they are likely to stay near the bottom at least through the summer, says Pava Leyrer, director of training for Northern Mortgage Services in Grandville, Michigan. The economic news that we are seeing is not stable, she says. Maybe after the summer they might be and rates might creep up a little, but Im hoping they will stay under 5 (percent). Its somewhat surprising that rates have stayed this low for so long, when many experts expected them to rise steadily this year. Everything that moves the market these days seems to move the market (and rates) for an hour or so and then it comes back down, says Michael Becker, a mortgage banker for WCS Funding Group in Baltimore. Read more: bankrate/finance/mortgages/mortgage-analysis.aspx#ixzz37qejtXgw Follow us: @Bankrate on Twitter | Bankrate on Facebook
Posted on: Fri, 18 Jul 2014 19:07:28 +0000
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