News Column

Bankrate: Mortgage Rates Only Slightly Changed

August 23, 2014



By a News Reporter-Staff News Editor at Real Estate & Investment Business -- Mortgage rates were little changed once again this week, extending the recent trend. The benchmark 30-year fixed mortgage rate nosed higher to 4.29 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.29 discount and origination points.

http://photos.prnewswire.com/prnvar/20040122/FLTHLOGO

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

The average 15-year fixed mortgage rate was unchanged at 3.40 percent, while the larger jumbo 30-year fixed mortgage rate also held steady at 4.39 percent. Adjustable rate mortgages moved lower, with the 5-year ARM sliding to 3.34 percent and the 10-year ARM retreating to 3.82 percent.

Mortgage rates continue to exemplify the 'dog days of summer.' Fixed mortgage rates, and to some extent adjustable mortgage rates, have shown little movement since mid-May. Even a bevy of economic releases and a Federal Reserve meeting in the preceding week did little to jolt interest rates to life, with good economic news counteracted by global tensions. As a result, both bond yields and mortgage rates have been held in check. 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. Mortgage rates have moved lower thus far in 2014, and with the average rate now 4.29 percent, the monthly payment for the same size loan would be $988.57, a savings of $48 per month for anyone that waited.

Keywords for this news article include: Mortgage, Real Estate, Bankrate Inc..

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Real Estate & Investment Business


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters