November 29, 2010
Mortgage rates retreated this week, following two consecutive weeks climbing higher. The average conforming 30-year fixed mortgage rate decreased to 4.58%, according to Bankrate.com. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage decreased to 3.97%, and the larger jumbo 30-year fixed rate dipped as well to 5.18%. Adjustable rate mortgages dropped as well, with the average 5-year ARM at 3.66% and the average 7-year ARM falling to 3.97%.
The last time mortgage rates were above 6% was Nov. 2008. At that time, the average rate was 6.33%, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.58%, the monthly payment for the same size loan would be $1,022.90, a savings of $219 per month for a homeowner refinancing now.
30-year fixed: 4.58% – down from 4.62% last week
15-year fixed: 3.97% – down from 4.02% last week
5/1 ARM: 3.66% – down from 3.71% last week
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.