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Bankrate: Mortgage Rates Jump Again

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RISMEDIA, January 3, 2011—Mortgage rates climbed higher this week, with the average conforming 30-year fixed mortgage rising to 5.02%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.44 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 increased to 4.39% and the larger jumbo 30-year fixed rate rose to 5.64%. Adjustable rate mortgages also went up, with the average 5-year ARM rising to 4% and the average 7-year ARM reaching 4.43%.

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 5.02%, the monthly payment for the same size loan would be $1,076.09, a savings of $166 per month for a homeowner refinancing now.

Survey Results
30-year fixed: 5.02% – up from 4.96% last week (avg. points: 0.44)
15-year fixed: 4.39% – up from 4.29% last week (avg. points: 0.4)
5/1 ARM: 4.00% – up from 3.92% 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.

For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com.

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%, believe mortgage rates will continue to rise. Twenty-seven percent expect mortgage rates to remain more or less unchanged while the remaining 18% think rates will decline over the next seven days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.

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