Bankrate: Mortgage Rates Stabilize as Oil Prices Ease
Bankrate: Mortgage Rates Stabilize as Oil Prices Ease
The average 30-year fixed
mortgage rate stabilized as oil prices retreated from recent highs, while
rates on other mortgage products dipped slightly. The average 30-year fixed
rate mortgage remains at 5.8 percent, according to Bankrate.com's weekly
national survey of large lenders. The 30-year fixed rate mortgages in this
week's survey had an average of 0.38 discount and origination points.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO )
The average 15-year fixed mortgage rate retreated from 5.43 percent to
5.39 percent, while the average jumbo 30-year fixed rate mortgage ticked lower
from 5.98 percent to 5.97 percent. Adjustable rate mortgages declined as well,
with the average 5/1 adjustable rate mortgage dropping from 5.41 percent to
5.36 percent, and the average one-year ARM falling from 4.95 percent to
4.91 percent. The gap between the average thirty-year fixed rate and the one-
year adjustable rate remains the narrowest since May 2001.
Mortgage rates declined due to rising oil prices, even in the weeks before
Hurricane Katrina ravaged the Gulf Coast. Although concerns remain that rising
energy prices will hamper consumer spending and hurt the economy, a drop in
oil prices this week kept ten-year Treasury note yields from falling below
4 percent. Fixed mortgage rates are closely related to yields on long-term
government bonds.
While many adjustable rate mortgages are resetting to higher rates, fixed
mortgage rates are much lower than three years ago. Three years ago, the
average 30-year fixed rate was 6.25 percent, and a loan of $165,000 carried a
monthly payment of $1,015.93. With the average 30-year fixed rate now
5.8 percent, a loan of $165,000 now has a monthly payment of $968.14. Instead
of facing unpredictable payment increases, an attractive alternative is
refinancing into a fixed rate loan.
SURVEY RESULTS
30-year fixed: 5.80% -- unchanged from last week (avg. points: 0.38)
15-year fixed: 5.39% -- down from 5.43% last week (avg. points: 0.35)
5/1 ARM: 5.36% -- down from 5.41% last week (avg. points: 0.3)
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.
The survey is complemented by Bankrate's weekly forward-looking Rate Trend
Index, in which a panel of mortgage experts predicts which way the rates are
headed over the next 30 to 45 days. This week the panel is split, with half of
respondents predicting rates will remain at current levels while the other
half expects rates to rebound.
For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/mortgagerates
For the full mortgage Rate Trend Index, go to
http://www.bankrate.com/RTI
About Bankrate, Inc.
Bankrate, Inc. (Nasdaq: RATE) owns and operates Bankrate.com, the
Internet's leading consumer banking marketplace. Bankrate.com is a destination
site of personal finance channels, including banking, investing, taxes and
small business finance. It is the leading aggregator of more than 300
financial products, including mortgages, credit cards, new and used auto
loans, money market accounts and CDs, checking and ATM fees, home equity loans
and online banking fees. Bankrate.com reviews more than 4,800 financial
institutions in more than 580 markets in 50 states. In 2004, Bankrate.com had
over 38 million unique visitors. Bankrate.com provides financial applications
and information to a network of more than 75 partners, including Yahoo!
(Nasdaq: YHOO), America Online (NYSE: TWX), The Wall Street Journal (NYSE: DJ)
and The New York Times (NYSE: NYT). Bankrate.com's information is also
distributed through more than 100 national and state publications.
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The average 30-year fixed
mortgage rate stabilized as oil prices retreated from recent highs, while
rates on other mortgage products dipped slightly. The average 30-year fixed
rate mortgage remains at 5.8 percent, according to Bankrate.com's weekly
national survey of large lenders. The 30-year fixed rate mortgages in this
week's survey had an average of 0.38 discount and origination points.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO )
The average 15-year fixed mortgage rate retreated from 5.43 percent to
5.39 percent, while the average jumbo 30-year fixed rate mortgage ticked lower
from 5.98 percent to 5.97 percent. Adjustable rate mortgages declined as well,
with the average 5/1 adjustable rate mortgage dropping from 5.41 percent to
5.36 percent, and the average one-year ARM falling from 4.95 percent to
4.91 percent. The gap between the average thirty-year fixed rate and the one-
year adjustable rate remains the narrowest since May 2001.
Mortgage rates declined due to rising oil prices, even in the weeks before
Hurricane Katrina ravaged the Gulf Coast. Although concerns remain that rising
energy prices will hamper consumer spending and hurt the economy, a drop in
oil prices this week kept ten-year Treasury note yields from falling below
4 percent. Fixed mortgage rates are closely related to yields on long-term
government bonds.
While many adjustable rate mortgages are resetting to higher rates, fixed
mortgage rates are much lower than three years ago. Three years ago, the
average 30-year fixed rate was 6.25 percent, and a loan of $165,000 carried a
monthly payment of $1,015.93. With the average 30-year fixed rate now
5.8 percent, a loan of $165,000 now has a monthly payment of $968.14. Instead
of facing unpredictable payment increases, an attractive alternative is
refinancing into a fixed rate loan.
SURVEY RESULTS
30-year fixed: 5.80% -- unchanged from last week (avg. points: 0.38)
15-year fixed: 5.39% -- down from 5.43% last week (avg. points: 0.35)
5/1 ARM: 5.36% -- down from 5.41% last week (avg. points: 0.3)
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.
The survey is complemented by Bankrate's weekly forward-looking Rate Trend
Index, in which a panel of mortgage experts predicts which way the rates are
headed over the next 30 to 45 days. This week the panel is split, with half of
respondents predicting rates will remain at current levels while the other
half expects rates to rebound.
For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/mortgagerates
For the full mortgage Rate Trend Index, go to
http://www.bankrate.com/RTI
About Bankrate, Inc.
Bankrate, Inc. (Nasdaq: RATE) owns and operates Bankrate.com, the
Internet's leading consumer banking marketplace. Bankrate.com is a destination
site of personal finance channels, including banking, investing, taxes and
small business finance. It is the leading aggregator of more than 300
financial products, including mortgages, credit cards, new and used auto
loans, money market accounts and CDs, checking and ATM fees, home equity loans
and online banking fees. Bankrate.com reviews more than 4,800 financial
institutions in more than 580 markets in 50 states. In 2004, Bankrate.com had
over 38 million unique visitors. Bankrate.com provides financial applications
and information to a network of more than 75 partners, including Yahoo!
(Nasdaq: YHOO), America Online (NYSE: TWX), The Wall Street Journal (NYSE: DJ)
and The New York Times (NYSE: NYT). Bankrate.com's information is also
distributed through more than 100 national and state publications.
Recipes German Food Mexican Dishes Is your web site selling more than your sales force? Marketing Firms Recipes Funny Jokes Funny Jokes Funny Jokes WLAN Wireless LAN Wireless LAN Salsa Recipe Martini Recipes Cake Recipes Halloween Recipes Gatlinburg Cabins Love Quotes Story Lady Sexual Abuse Prevention Italian Recipes Health Wellness Fitness Love Quotes Love Quotes Funny Quotes Funny Quotes Love Quotes Famous Quotes Famous Quotes Cooking Recipes Funny Quotes Motivational Quotes Diabetic Recipes Diabetic Recipes Diabetic Recipes Chicken Recipes Chicken Recipes Chicken Recipes Whole Chicken Recipes Chocolate Chip Cookie Recipes Salmon Recipes Cooking Recipes Zucchini Recipes Sangria Recipes
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