RISMEDIA, July 11, 2011— Mortgage rates increased for the second week in a row, with the benchmark conforming 30-year fixed mortgage rate now 4.79 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.
The average 15-year fixed mortgage stepped up to 3.9 percent while the larger jumbo 30-year fixed rate climbed to 5.27 percent. Adjustable rate mortgages were higher also, with the average 5-year ARM rising to 3.49 percent and the 7-year ARM inching higher to 3.72 percent.
Mortgage rates increased for the second week in a row and the third time in the last four weeks. Better economic news and an easing of concerns about a potential Greek debt default spurred this week’s move, pushing mortgage rates to a two-month high. Mortgage rate volatility could pick up in the coming weeks as investors grapple with the state of the U.S. economic recovery, quarterly corporate earnings, and a deadline for increasing the debt ceiling.
The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed 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 4.79 percent, the monthly payment for the same size loan would be $1,048.12, a difference of $193 per month for anyone refinancing now.
For more information, please visit www.bankrate.com.
Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com