Bankrate: Mortgage Rates Pull Back on Weaker Economic Data

          Bankrate: Mortgage Rates Pull Back on Weaker Economic Data

PR Newswire

NEW YORK, July 18, 2013

NEW YORK, July 18, 2013 /PRNewswire/ --Disappointing reports on retail sales
and housing starts were enough to pull mortgage rates back from last week's
2-year high, with the benchmark 30-year fixed mortgage rate sliding to 4.56
percent, according to Bankrate.com's weekly national survey. The average
30-year fixed mortgage has an average of 0.31 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 fell to 3.65 percent, while the larger
jumbo 30-year fixed mortgage rate declined to 4.71 percent. Adjustable rate
mortgages were mostly lower, with the popular 5-year adjustable rate
retreating to 3.56 percent and the 7-year rate falling to 3.87 percent. The
10-year ARM was the exception, moving a touch higher to 4.08 percent.

Weaker economic data increases the odds the Federal Reserve holds off tapering
their bond-buying stimulus. And further easing the upward pressure on interest
rates this week were comments from Fed Chairman Ben Bernanke, who emphasized
in an appearance before Congress that the tapering is not set in stone and the
Fed is very adaptable to incoming economic data.

As recently as May 1^st, the average 30-year fixed mortgage rate was 3.52
percent. At that time, a $200,000 loan would have carried a monthly payment of
$900.32. With the average rate currently at 4.56 percent, the monthly payment
for the same size loan would be $1,020.51, a difference of $120 per month for
anyone that waited just a little too long.

SURVEY RESULTS

30-year fixed: 4.56% -- down from 4.66% last week (avg. points: 0.31)
15-year fixed: 3.65% -- down from 3.75% last week (avg. points: 0.25)
5/1 ARM: 3.56% -- down from 3.63% last week (avg. points: 0.31)

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- 56 percent - expect mortgage
rates to decline over the next week, with 44 percent forecasting that mortgage
rates will remain more or less unchanged. Interestingly, none of the panelists
predicted an increase in mortgage rates over 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 to
https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.

AboutBankrate, Inc.

Bankrateis a leading publisher, aggregator, and distributor of personal
finance content on the Internet.Bankrateprovides 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. TheBankratenetwork 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, InsuranceQuotes.com, CarInsuranceQuotes.com,
InsureMe.com, and NetQuote.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,Bankrategenerates 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
asYahoo!,CNN Money, CNBC, andComcast. In addition,Bankratelicenses
editorial content to over 500 newspapers on a daily basis including The Wall
Street Journal,USAToday, TheNew York Times, TheLos Angeles Times, andThe
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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