Mortgage rates fell for a fourth consecutive week and the fifth time in the past six weeks, with the average rate on the benchmark 30-year fixed mortgage rate dropping to 4.05 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.45 discount and origination points.
The average 15-year fixed mortgage rate retreated to 3.25 percent – also a record low – while the jumbo 30-year fixed mortgage nosed higher to 4.62 percent. Adjustable mortgage rates were mixed, with the average 3-year adjustable inching higher to 3.07 percent, while the 5-year ARM tied a record low of 3.02 percent initially set in February.
News of disappointing economic growth in the first quarter and continuing elevated unemployment claim filings propelled mortgage rates lower. The looming jobs report is likely to be the catalyst for further rate movement but the tepid theme of recent economic data is sure to keep a lid on bond yields and mortgage rates in the coming weeks. Mortgage rates are closely related to yields on long-term government debt.
The last time mortgage rates were above 6 percent was November 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.05 percent, the monthly payment for the same size loan would be $960.60, a difference of $281 per month for anyone refinancing now.
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.
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