Bankrate: Mortgage Rates Rise to 7 Month High

                Bankrate: Mortgage Rates Rise to 7 Month High

PR Newswire

NEW YORK, March 14, 2013

NEW YORK, March 14, 2013 /PRNewswire/ --Fixed mortgage rates showed a big
increase this week, with the benchmark 30-year fixed mortgage jumping to 3.85
percent this week, according to Bankrate.com's weekly national survey. The
average 30-year fixed mortgage has an average of 0.35 discount and origination
points.

(Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO )

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

The average 15-year fixed mortgage rate climbed higher this week (3.03
percent), as did the larger jumbo 30-year fixed mortgage, jumping to 4.18
percent. Adjustable rate mortgages were mixed, with the 3-year ARM slipping to
3.00 percent, the 5-year ARM rising to 2.82 percent, and the 7-year ARM
inching up to 2.99 percent. 

Mortgage rates jumped to a 7-month high following a report of robust job
growth and encouraging economic data on business investment and retail sales.
The benchmark 30-year fixed mortgage rate, now at 3.85 percent, is the highest
since it was 3.91 percent on Aug. 22, 2012. Positive economic news leads to
higher bond yields, as evidenced by the 10-year Treasury note climbing back
above the 2 percent threshold. Mortgage rates are closely related to yields on
long-term government bonds, with mortgage rates following suit and moving
higher also.

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 3.85 percent, the monthly payment for the same size loan would be $937.62,
a difference of $145 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.85% -- up from 3.73% last week (avg. points: 0.35)
15-year fixed: 3.03% -- up from 2.96% last week (avg. points: 0.35)
5/1 ARM: 2.82% -- up from 2.68% last week (avg. points: 0.21)

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 respondents - 55 percent – expect an
increase in mortgage rates over the next week. Only nine percent forecast a
decrease and the remaining 36 percent predict mortgage rates to remain more or
less unchanged over the next seven days.

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 to
https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.

About Bankrate, Inc. (NYSE: RATE)

The Bankrate network of companies includes Bankrate.com, Interest.com,
Mortgage-calc.com, Nationwide Card Services, InsureMe, CreditCardGuide.com,
Bankaholic, CreditCards.com and NetQuote. Each of these businesses helps
consumers to make informed decisions about their personal finance matters. The
company's flagship brand, Bankrate.com is a destination site of personal
finance channels, including banking, investing, taxes, debt management and
college finance. Bankrate.com is the leading aggregator of rates and other
information on more than 300 financial products, including mortgages, credit
cards, new and used auto loans, money market accounts and CDs, checking and
ATM fees, home equity loans and online banking fees. Bankrate.com reviews more
than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com
provides financial applications and information to a network of more than 75
partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The
Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's
information is also distributed through more than 500 newspapers.

For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917) 368-8677







SOURCE Bankrate, Inc.

Website: http://www.bankrate.com
 
Press spacebar to pause and continue. Press esc to stop.