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Bankrate: 30-year mortgages rates at 5.13%
The average conforming 30-year fixed mortgage rate fell for the fourth consecutive week, settling at 5.13 percent according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.49 discount and origination points.
The average 15-year fixed mortgage dropped to 4.54 percent but the larger jumbo 30-year fixed rate moved higher to 5.99 percent. Adjustable rate mortgages were lower as well, with the average 3-year ARM dipping to 4.65 percent and the 5-year ARM sliding to 4.54 percent.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average 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 5.13 percent, the monthly payment for the same size loan would be $1,089.59, a savings of more than $150 per month for a homeowner refinancing now.
The average 15-year fixed mortgage dropped to 4.54 percent but the larger jumbo 30-year fixed rate moved higher to 5.99 percent. Adjustable rate mortgages were lower as well, with the average 3-year ARM dipping to 4.65 percent and the 5-year ARM sliding to 4.54 percent.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average 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 5.13 percent, the monthly payment for the same size loan would be $1,089.59, a savings of more than $150 per month for a homeowner refinancing now.
