Bankrate: Mortgage Rates Move Higher

NEW YORK, Oct. 16, 2013 /PRNewswire/ -- Mortgage rates broke a streak of five consecutive weekly declines, with the benchmark 30-year fixed mortgage rate rising to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.31 discount and origination points.

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

The average 15-year fixed mortgage increased to 3.49 percent, while the larger jumbo 30-year fixed mortgage rate slid to 4.55 percent. Adjustable rate mortgages were mixed, with the 3-year ARM rising to 3.35 percent and the popular 5-year adjustable rate sliding to 3.31 percent.    

The potential economic drag from the government shutdown and looming debt ceiling deadline had pulled rates lower in recent weeks, but hopes that a deal could be in the works eased those concerns late last week. However, with the deadline drawing closer and still no deal, there is plenty of room for volatility in mortgage rates in the coming days. 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 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a difference of $103 per month for anyone that waited too long.

SURVEY RESULTS

30-year fixed: 4.42% -- up from 4.39% last week (avg. points: 0.31)

15-year fixed: 3.49% -- up from 3.47% last week (avg. points: 0.22)

5/1 ARM: 3.31% -- down from 3.34% last week (avg. points: 0.22)

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 http://www.bankrate.com/.

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. Two-thirds of respondents, 67 percent, believe mortgage rates will climb in the coming week, while just 22 percent expect mortgage rates to fall. The remaining 11 percent predict that mortgage rates will remain more or less unchanged 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 go to
https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.

About Bankrate, Inc.

Bankrate 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:
Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917) 368-8677

SOURCE Bankrate, Inc.