Mortgage rates were down very slightly this week, with the benchmark 30-year fixed mortgage rate inching lower to 3.81 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.18 discount and origination points.
The larger jumbo 30-year fixed fell more sharply, to 3.76 percent, and is now lower than the smaller conforming loan which reasserts a trend that has prevailed for most of the past year. The average 15-year fixed mortgage rate eked out a decline to 3.05 percent this week. Adjustable mortgage rates were mostly lower, with the 5-year ARM nosing downward to 3.22 percent and the 10-year ARM sinking to 3.59 percent.
Mortgage rates showed little change this week following a recalibration of interest rate expectations that had pushed rates modestly higher each of the two previous weeks. While comments from the Federal Reserve have markets prepared for a likely interest rate hike in coming months, the outlook for the upcoming June meeting is uncertain. The usual bevy of economic data that is a staple of the end of one month and beginning of another will be highlighted by the monthly employment report on Friday. A solid jobs report will further cement the idea of a summer interest rate hike, likely pushing mortgage rates up a bit.
At the current average 30-year fixed mortgage rate of 3.81 percent, the monthly payment for a $200,000 loan is$933.05. – PRNewswire