Bankrate: Mortgage Rates Show Little Change

NEW YORK, March 8, 2012 /PRNewswire/ -- The average rate on the benchmark 30-year fixed mortgage rate rose slightly to 4.11 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

(Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO )

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages.

The average 15-year fixed mortgage dipped a spot to 3.34 percent, while the jumbo 30-year fixed mortgage remained unchanged at 4.63 percent. Adjustable mortgage rates held steady this week, with the average 5-year ARM inching to 3.03 percent and the 10-year adjustable staying put at 3.61 percent.  

Mortgage rates were little changed this week as renewed concerns about the Greek debt bailout offset continued improvement in the U.S. economic picture. But mortgage rates remain near record lows, showing little fluctuation in the past month. However, a looming jobs report could reintroduce volatility to mortgage rates if it widely departs from expectations -- either on the upside or the downside.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.11 percent, the monthly payment for the same size loan would be $967.56, a difference of $274 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.11% -- up from 4.10% last week (avg. points: 0.39)

15-year fixed: 3.34% -- down from 3.35% last week (avg. points: 0.34)

5/1 ARM: 3.03% -- down from 3.04% last week (avg. points: 0.32)

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.

1 2 Next › Last »