The average conforming 30-year fixed mortgage rate inched higher to 5.35 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
The average 15-year fixed mortgage was also up slightly to 4.74 percent while the larger jumbo 30-year fixed rate sank to 6.40 percent. Adjustable rate mortgages were equally mixed, with the average 1-year ARM rising to 5.28 percent and the 5-year ARM falling to 4.64 percent.
It was an up-and-down seven day period for mortgage rates, with rates initially rising as the government held another large debt auction. But strong reception to that auction, coupled with weakness in consumer confidence and new home sales, helped bring mortgage rates back down. In sum, fixed mortgage rates were little changed from one week ago. Mortgage rates are closely related to long-term government bonds.
Mortgage rates are nearly one-and-one-half percentage points lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.77 percent, meaning a $200,000 loan would have carried a monthly payment of $1,299.86. With the average rate now 5.35 percent, the monthly payment for the same size loan would be $1,116.83, a savings of $183 per month for a homeowner refinancing now.
30-year fixed: 5.35% -- up from 5.34% last week (avg. points: 0.37)
15-year fixed: 4.74% -- up from 4.72% last week (avg. points: 0.30)
5/1 ARM: 4.64% -- down from 4.69% last week (avg. points: 0.38)