US Real Estate Report: Mortgage Rates Remain Under 4 Percent

Posted by: : Shayne HeffernanPosted on: March 12, 2015 US Real Estate Report: Mortgage Rates Remain Under 4 Percent
 

US Real Estate Report: Mortgage Rates Remain Under 4 Percent

Mortgage rates posted mixed results this week, with the benchmark 30-year fixed mortgage rate increasing for the second week in a row, to 3.97 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.23 discount and origination points.

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

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The average 15-year fixed mortgage moved higher to 3.18 percent while the larger jumbo 30-year fixed mortgage pulled back to 4.08 percent. Adjustable rate mortgages were mostly lower, with the 5-year ARM sinking to 3.23 percent and the 7-year ARM retreating to 3.45 percent.

A strong jobs report that initially pushed mortgage rates higher was offset somewhat, though not entirely, by investor nervousness about the falling euro. Even though the U.S. economy is improving and an eventual Fed interest rate hike is coming, the strengthening U.S. dollar has fueled demand for dollar denominated assets such as government and mortgage-backed bonds. Mortgage rates are closely related to yields on long-term government bonds. In times of nervousness, investors quickly flee riskier, more volatile markets and assets for the safer haven of U.S. shores.

One year ago, the average 30-year fixed mortgage rate was 4.50 percent. At that time, a $200,000 loan would have carried a monthly payment of $1,013.37. With the average rate now at 3.97 percent, the monthly payment for the same size loan would be $951.37, a savings of $62 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.97% — up from 3.93% last week (avg. points: 0.23)

15-year fixed: 3.18% — up from 3.16% last week (avg. points: 0.18)

5/1 ARM: 3.23% — down from 3.28% last week (avg. points: 0.20)

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/mortgagerates

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. There is no clear consensus this week, with the panelists fairly evenly divided. Among respondents, 38 percent expect mortgage rates to pull back over the next week. Meanwhile, 31 percent forecast further increases, and an equal 31 percent predict that mortgage rates will remain more or less unchanged in the coming week.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx

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, CreditCards.com, InsuranceQuotes.com and Caring.com, our flagship websites, and other owned and operated personal finance websites, including Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, CarInsuranceQuotes.com, Insweb.com, CreditCards.ca, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to over 100 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.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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