A survey from Bankrate.com revealed that last week’s fixed mortgage rates remained relatively unchanged from the previous week, with the 30-year fixed mortgage rate falling from 3.78 percent to 3.75 percent.
The average 15-year fixed mortgage rate remained at 2.97 percent, while the jumbo 30-year fixed mortgage fell to 4.10 percent. Adjustable rate mortgages varied, from 3.95 percent for the three-year ARM to 2.71 percent for the five-year ARM.
Mortgage rates have remained below five percent since April 2011, before which the average 30-year fixed rate was 5.07 percent, bringing a monthly loan payment on a $200,000 mortgage to $1,082.22. At the current rate of 3.78 percent, the monthly payment for a loan the same size would be $929.64.
Bankrate.com’s weekly national mortgage survey is conducted every Wednesday using data provided by the top 10 banks and thrifts across the top 10 markets. The survey is accompanied by Bankrate.com’s weekly Rate Trend Index, in which mortgage experts predict rate trends over the course of one week.
Of last week’s index predictions, only eight percent of panelists expect an increase in mortgage rates this week, while 42 percent expect a decrease and the remaining 50 percent expect rates to remain unchanged.