Bankrate: More Modest Movement For Mortgage Rates

NEW YORK, Aug. 9, 2012 /PRNewswire/ -- Mortgage rates moved only slightly this week, with the average rate on the benchmark 30-year fixed mortgage rising for the second consecutive week, to 3.81 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 http://www.bankrate.com/funnel/mortgages/.

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The average 15-year fixed mortgage rate inched higher to 3 percent while the larger jumbo 30-year mortgage reversed course from last week, settling back at 4.38 percent. Adjustable mortgage rates were all over the map, with the 1-year ARM moving down to 3 percent, the 3-year ARM moving up to 2.98 percent, and the 5-year adjustable holding steady at 2.91 percent.

A better than expected jobs report for the month of July put a floor under bond yields and mortgage rates this week. With investors no longer feeling as if the sky is falling, at least temporarily, fixed mortgage rates did move a tad higher. Mortgage rates are closely related to yields on long-term government bonds. Should the better economic news continue, it would keep further Fed stimulus at bay, and likely push up rates a bit more, so stay tuned.

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 3.81 percent, the monthly payment for the same size loan would be $933.05, a difference of $308 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.81% -- up from 3.77% last week (avg. points: 0.44)

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