The average rate on the benchmark 30-year fixed mortgage rate dropped to 4.10 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.
The average 15-year fixed mortgage dipped to 3.35 percent, while the jumbo 30-year fixed mortgage slipped to 4.63 percent. Adjustable mortgage rates were lower this week, with the average 5-year ARM falling to 3.04 percent and the 10-year adjustable falling to 3.61 percent.
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 4.16 percent, the monthly payment for the same size loan would be $966.40, a difference of $275 per month for anyone refinancing now.
30-year fixed: 4.10 percent—down from 4.16 percent last week (avg. points: 0.39)
15-year fixed: 3.35 percent—down from 3.38 percent last week (avg. points: 0.35)
5/1 ARM: 3.04 percent—up from 3.12 percent last week (avg. points: 0.33)
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.