Mortgage Rates Dip Down

RISMEDIA, November 29, 2010—Mortgage rates retreated this week, following two consecutive weeks climbing higher. The average conforming 30-year fixed mortgage rate decreased to 4.58%, according to Bankrate.com. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage decreased to 3.97%, and the larger jumbo 30-year fixed rate dipped as well to 5.18%. Adjustable rate mortgages dropped as well, with the average 5-year ARM at 3.66% and the average 7-year ARM falling to 3.97%.

The last time mortgage rates were above 6% was Nov. 2008. At that time, the average rate was 6.33%, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.58%, the monthly payment for the same size loan would be $1,022.90, a savings of $219 per month for a homeowner refinancing now.

Survey Results
30-year fixed: 4.58% – down from 4.62% last week
15-year fixed: 3.97% – down from 4.02% last week
5/1 ARM: 3.66% – down from 3.71% last week

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.

For more information, visit www.bankrate.com.