Bankrate: Mortgage Rates Only Slightly Changed
NEW YORK, Sept. 12, 2013
NEW YORK, Sept. 12, 2013 /PRNewswire/ --Mortgage rates posted very modest
movement this week, with the benchmark 30-year fixed mortgage rate inching
lower to 4.71 percent, according to Bankrate.com's weekly national survey. The
average 30-year fixed mortgage has an average of 0.33 discount and origination
To see mortgage rates in your area, go to
The average 15-year fixed mortgage nosed higher to 3.75 percent, while the
larger jumbo 30-year fixed mortgage rate nudged upward to 4.89 percent.
Adjustable rate mortgages were mixed. The 3-year adjustable rate was down to
3.72 percent, the popular 5-year ARM was unchanged at 3.65 percent and the
10-year ARM increased to 4.30 percent.
The rise in mortgage rates in recent months has been in anticipation of the
Federal Reserve beginning to slow the pace of their monthly bond purchases.
With the moment of truth now close at hand, as the Fed meeting concludes on
Sept. 18, it is wait-and-see time for mortgage rates. Whether the Fed tapers
this month or not is likely to be a game-time decision, but it is inevitable.
If it doesn't happen this month, speculation will immediately begin to swirl
about an October start.
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 4.71 percent, the monthly payment
for the same size loan would be $1,038.48, a difference of $138 per month for
anyone that waited too long.
30-year fixed: 4.71% -- down from 4.72% last week (avg. points: 0.33)
15-year fixed: 3.75% -- up from 3.74% last week (avg. points: 0.25)
5/1 ARM: 3.65% -- unchanged from last week (avg. points: 0.24)
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
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. Once again, there is no clear consensus, with 45 percent of
respondents expecting mortgage rates to remain more or less unchanged, while
33 percent forecast an increase in the coming week. Just 22 percent predict
mortgage rates will pull back in the next 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
Bankrateis 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. 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
For more information contact:
Senior Director, Corporate Communications
SOURCE Bankrate, Inc.
Press spacebar to pause and continue. Press esc to stop.