Bankrate: Mortgage Rates Rebound Following Release of Fed Minutes

      Bankrate: Mortgage Rates Rebound Following Release of Fed Minutes

PR Newswire

NEW YORK, Nov. 27, 2013

NEW YORK, Nov. 27, 2013 /PRNewswire/ --Mortgage rates increased this week,
with the benchmark 30-year fixed mortgage rate rising to 4.44 percent,
according to Bankrate.com's weekly national survey. The average 30-year fixed
mortgage has an average of 0.33 discount and origination points.

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

The average 15-year fixed mortgage climbed to 3.47 percent, while the larger
jumbo 30-year fixed mortgage rate is now 4.45 percent. The spread between the
benchmark 30-year fixed rate and the larger jumbo 30-year fixed rate is the
narrowest ever recorded in Bankrate.com's survey. Adjustable rate mortgages
bounced back also, with the 7-year adjustable moving up to 3.62 percent and
the 10-year adjustable rate stepping over the 4 percent mark to 4.03 percent.


Mortgage rates moved higher, unwinding much of last week's decline, following
the release of the Federal Reserve's meeting minutes which raised worries
about an earlier tapering of bond purchases. Concerns that the Fed may start
dialing back the stimulus sooner than expected pushed bond yields and mortgage
rates higher. Mortgage rates are closely related to yields on long-term
government bonds.

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 4.44 percent, the monthly payment
for the same size loan would be $1,006.25, a difference of approximately $106
per month for anyone that waited too long.

SURVEY RESULTS

30-year fixed: 4.44% -- up from 4.39% last week (avg. points: 0.33)
15-year fixed: 3.47% -- up from 3.42% last week (avg. points: 0.27)
5/1 ARM: 3.29% -- up from 3.28% last week (avg. points: 0.26)

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 majority of this week's respondents, 63 percent, expect
mortgage rates to remain more or less unchanged over the coming week, while 25
percent predict mortgage rates will fall. Just 12 percent forecast an increase
in mortgage rates 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
go to
https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.

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