NEW YORK, June 28, 2012 /PRNewswire/ -- Fixed mortgage rates held steady this week, with the average 30-year fixed mortgage rate remaining at the record low of 3.89 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.
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The average 15-year fixed mortgage rate stayed at 3.16 percent, while the jumbo 30-year fixed mortgage sits at 4.48 percent for a third straight week. Adjustable mortgage rates were mostly higher, with the average rate on the popular 5/1 adjustable moving back above the 3 percent threshold to 3.02 percent, while the 7/1 ARM notched higher to 3.12 percent.The lingering uncertainty about Europe's debt mess and, to a lesser extent, the status of the global economy will keep mortgage rates in a holding pattern. Don't expect any sharp increases without substantive improvement out of Europe, and if the situation deteriorates further, then look out below because mortgage rates could certainly fall further. 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 3.89 percent, the monthly payment for the same size loan would be $942.19, a difference of $299 per month for anyone refinancing now. SURVEY RESULTS 30-year fixed: 3.89% -- unchanged from last week (avg. points: 0.44) 15-year fixed: 3.16% -- unchanged from last week (avg. points: 0.36) 5/1 ARM: 3.02% -- up from 2.97% last week (avg. points: 0.34)