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Bankrate: Global Tensions Bring Mortgage Rates Lower



             Bankrate: Global Tensions Bring Mortgage Rates Lower

PR Newswire

NEW YORK, March 21, 2013

NEW YORK, March 21, 2013 /PRNewswire/ -- The financial crisis in tiny Cyprus
stoked tensions enough to bring mortgage rates back down this week, with the
benchmark 30-year fixed mortgage rate settling at 3.78 percent this week,
according to Bankrate.com's weekly national survey. The average 30-year fixed
mortgage has an average of 0.37 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 dipped below the 3 percent mark to
2.97 percent, while the larger jumbo 30-year fixed mortgage fell to 4.13
percent. Adjustable rate mortgages were broadly lower, with the 3-year ARM and
5-year ARM moving to the lowest levels since January, pulling back to 2.97
percent and 2.71 percent, respectively.

This week's move in mortgage rates unwound much of the increase seen last week
following better news on the job market and the overall U.S. economy. Any time
there is nervousness or tension, it tends to be good news for mortgage rates.
Conversely, better news on the economic front often means higher mortgage
rates.

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 3.78 percent, the monthly payment for the same size loan would be $929.64,
a difference of $152 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.78% -- down from 3.85% last week (avg. points: 0.37)

15-year fixed: 2.97% -- down from 3.03% last week (avg. points: 0.34)

5/1 ARM: 2.71% -- down from 2.82% last week (avg. points: 0.30)

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 panelists are split, with 44 percent forecasting a
decrease and 44 percent expecting mortgage rates to remain more or less
unchanged over the next week. Just 12 percent predict an increase in mortgage
rates over the next seven days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

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 Yates 
Senior Director, Corporate Communications 
kyates@bankrate.com 
(917) 368-8677

 

 

SOURCE Bankrate, Inc.

Website: http://www.bankrate.com
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