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.
To see mortgage rates in your area, go to
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
'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
, 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
. At the time, the average 30-year fixed rate was 6.33 percent, meaning a
loan would have carried a monthly payment of
. With the average rate now 3.89 percent, the monthly payment for the same size loan would be
, a difference of
per month for anyone refinancing now.
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)