Press release from PR Newswire
Bankrate: Mortgage Rates Rise for 6th Consecutive Week
Thursday, June 13, 2013
Bankrate: Mortgage Rates Rise for 6th Consecutive Week07:30 EDT Thursday, June 13, 2013
NEW YORK, June 13, 2013 /PRNewswire/ -- Mortgage rates increased for a sixth consecutive week, with the benchmark 30-year fixed mortgage rate setting a new 14-month high of 4.14 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.
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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage increased to 3.32 percent, while the larger jumbo 30-year fixed mortgage rate is at a 9-month high of 4.32 percent. Adjustable rate mortgages moved higher also. The popular 5-year adjustable rate jumped to 3 percent, the first time at the 3 percent mark since last June. The average 7-year ARM is at 3.24 percent and the 10-year is now 3.58 percent.
All eyes now turn to the Federal Reserve, with next week holding a meeting of the Federal Open Market Committee followed by Ben Bernanke's press conference. Long-term interest rates ? to which mortgage rates are closely related - have jumped in recent weeks on speculation that the Fed will decrease the amount of monthly bond-buying stimulus. Where mortgage rates go from here is dependent on what comes out of next week's Fed meeting.
The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 4.14 percent, the monthly payment for the same size loan would be $971.04, a difference of $111 per month for anyone refinancing now.
30-year fixed: 4.14% -- up from 4.10% last week (avg. points: 0.32)15-year fixed: 3.32% -- up from 3.28% last week (avg. points: 0.28)5/1 ARM: 3.00% -- up from 2.93% last week (avg. points: 0.29)
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. The majority of the respondents ? 64 percent ? expect mortgage rates to remain more or less unchanged, while 27 percent predict mortgage rates will pull back. Just 9 percent forecast further increases in mortgage rates in the coming week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.
To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0 go tohttps://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, our flagship website, and other owned and operated personal finance websites, including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services, InsuranceQuotes.com, CarInsuranceQuotes.com, InsureMe, Bankrate.com.cn, CreditCards.ca, NetQuote.com, and CD.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily. Bankrate develops and provides web services to over 80 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.
For more information contact:Kayleen YatesSenior Director, Corporate Communicationskyates@bankrate.com (917) 368-8677
SOURCE Bankrate, Inc.