Bankrate: Mortgage Rates Holding Steady Ahead of Fed
NEW YORK, Dec. 12, 2013
NEW YORK, Dec. 12, 2013 /PRNewswire/ --Mortgage rates were mostly steady this
week, with the benchmark 30-year fixed mortgage rate unchanged at 4.55
percent, according to Bankrate.com's weekly national survey. The average
30-year fixed mortgage has an average of 0.39 discount and origination points.
To see mortgage rates in your area, go to
The average 15-year fixed mortgage dipped to 3.6 percent, while the larger
jumbo 30-year fixed mortgage rate was down to 4.55 percent. The spread between
the benchmark 30-year fixed rate and the larger jumbo 30-year fixed rate has
been completely erased for the first time ever in Bankrate.com's survey.
Adjustable rate mortgages were mixed, with the average 3-year ARM retreating
to 3.28 percent, while the 5-year and 7-year each inched higher, to 3.34
percent and 3.70 percent, respectively.
The strength in recent economic data, particularly on the job front, means
tapering will be part of the discussion when the Federal Open Market Committee
meets next week. Don't expect any notable moves in bond yields or mortgage
rates until the conclusion of the meeting and the announcement of whether the
Fed will begin tapering now, or wait until 2014. 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 4.55 percent, the monthly payment
for the same size loan would be $1,019.32, a difference of $119 per month for
anyone that waited too long.
30-year fixed: 4.55% -- unchanged from last week (avg. points: 0.39)
15-year fixed: 3.60% -- down from 3.62% last week (avg. points: 0.26)
5/1 ARM: 3.34% -- up from 3.33% 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
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 this week's respondents, 56 percent, expect
mortgage rates to remain more or less unchanged over the coming week, while 33
percent predict mortgage rates will rise. Just 11 percent forecast a decrease
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
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.
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