Bankrate: Mortgage Rates Slightly Higher Following Strong Jobs Report
NEW YORK, July 10, 2014
NEW YORK, July 10, 2014 /PRNewswire/ -- Mortgage rates moved higher following
a stronger than expected jobs report, with the benchmark 30-year fixed
mortgage rate rising to 4.31 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.
To see mortgage rates in your area, go to
The average 15-year fixed mortgage rate inched higher to 3.41 percent, while
the larger jumbo 30-year fixed mortgage rate increased to 4.33 percent.
Adjustable rate mortgages were mixed, with the 5-year ARM holding steady at
3.33 percent and the 10-year ARM climbing to 3.88 percent.
So why did a blockbuster jobs report have such a muted impact on mortgage
rates? In large part the flood of cheap money from central banks around the
globe is keeping a lid on rates, even in the face of the type of economic news
that historically has pushed rates higher in a more pronounced way. Many
investors around the globe are parking this cheap cash in the safety of U.S.
Treasury securities, at yields that are favorable to what can be found
elsewhere around the globe. Mortgage rates are closely related to yields on
long-term government debt.
As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69
percent. At that time, a $200,000 loan would have carried a monthly payment of
$1,036.07. After drifting lower throughout the first half of 2014, the average
rate is now 4.31 percent, and the monthly payment for the same size loan would
be $990.92, a savings of $45 per month for anyone that waited.
30-year fixed: 4.31% -- up from 4.28% last week (avg. points: 0.33)
15-year fixed: 3.41% -- up from 3.40% last week (avg. points: 0.19)
5/1 ARM: 3.33% -- unchanged from last week (avg. points: 0.21)
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. According to the panelists, don't expect any sharp pullback
in mortgage rates. The majority – 80 percent – expect mortgage rates to remain
more or less unchanged over the coming week, while the remaining 20 percent
predict mortgage rates will rise. Interestingly, none of the respondents
predicts a decrease in mortgage rates over the next seven days.
For the full mortgage Rate Trend Index, go to
To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0
About Bankrate, Inc.
Bankrate (NYSE:RATE) 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, 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,
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!, CNN Money, CNBC, and Comcast. 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:
Senior Director, Corporate Communications
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SOURCE Bankrate, Inc.
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