NEW YORK, Aug. 31, 2017 /PRNewswire/ -- Mortgage rates
fell to their lowest level of the year, according to Bankrate.com's
weekly national survey. The benchmark 30-year fixed mortgage rate
is now 3.97 percent (below 4 percent for the first time since last
November). It has an average of 0.29 discount and origination
points.
The average 15-year fixed mortgage rate dipped to 3.20 percent.
The average 5-year ARM (3.47 percent) is also modestly lower than a
week ago, as is the average 30-year jumbo (3.99 percent).
Despite economic growth that was stronger than expected in the
second quarter, mortgage rates have been in a modest downtrend over
the past two months. The culprits have alternated between low
inflation readings, reduced expectations for additional rate hikes
by the Fed this year and the on again, off again spats with
North Korea. With mortgage rates
moving below 4 percent, this is a key threshold for homeowners that
missed the refinancing opportunity in 2016. Lower mortgage rates
also ease the pressure of monthly payments for would-be
homebuyers.
At the current average 30-year fixed mortgage rate of 3.97
percent, the monthly payment for a $200,000 loan is $951.37.
SURVEY RESULTS
30-year fixed: 3.97% -- down from 4.02% last week
(avg. points: 0.29)
15-year fixed: 3.20% -- down from 3.23% last week
(avg. points: 0.24)
5/1 ARM: 3.47% -- down from 3.50% last week (avg.
points: 0.33)
Bankrate's national weekly mortgage survey is conducted
every Wednesday from data provided by the top 10 banks and thrifts
in 10 top markets. For a full analysis of this week's move in
mortgage rates, go to
http://www.bankrate.com/mortgages/analysis/
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. The most popular answer
(given by 50 percent of respondents) is that rates will remain more
or less unchanged. 42 percent forecast a decrease and 8 percent
think they will rise.
About Bankrate.com:
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans, and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today, The New York
Times and The Los Angeles
Times.
For more information:
Ted Rossman
Public Relations Director
ted.rossman@bankrate.com
(917) 368-8635
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SOURCE Bankrate.com
