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30-Year Mortgage Rate Inches Higher

February 5, 2010

NEW YORK, Feb. 4 /PRNewswire/ — The streak of four straight weekly declines in mortgage rates was broken this week as the average 30-year fixed mortgage rate rose to 5.15% with 0.49 discount and origination points, according to Bankrate’s national weekly mortgage survey.

The average 15-year fixed mortgage nudged higher to 4.55% and the larger jumbo 30-year fixed rate settled at 6%. Adjustable rate mortgages were mixed, with the average 3-year ARM falling to 4.60% and the 5-year ARM nudging higher to 4.56%.

“Mortgage rates were up only slightly despite the type of upbeat economic news that can push rates up more noticeably,” Bankrate analysts say. “Reports on economic growth at the close of 2009, personal income and consumer spending for December, and a widely watched manufacturing index for January were all stronger than expected, but were greeted by a collective shrug in financial markets. Lingering uncertainty about the strength and sustainability of the economic recovery is continuing to hold mortgage rates in check.”

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 5.15%, the monthly payment for the same size loan would be $1,092.05, a savings of $150 per month for a homeowner refinancing now.

Source: PRNewswire

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