NEW YORK, Nov. 1, 2012 /PRNewswire/ -- Mortgage rates pulled back for a second consecutive week, and remain near record lows. The benchmark 30-year fixed mortgage rate settled at 3.57 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.43 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage rate inched lower to 2.89 percent and the larger jumbo 30-year mortgage set a new record low of 4.11 percent. Adjustable mortgage rates were mostly lower, with the 5-year ARM dipping to 2.72 percent and the 10-year ARM sinking to a new low of 3.2 percent.In the wake of Hurricane Sandy, with both the monthly jobs report and the presidential election looming, and the fiscal cliff unresolved, investors are understandably nervous. Such nervousness and uncertainty fuels demand for the safety and security of government securities. Fixed mortgage rates are closely related to the yields on long-term government bonds. Just some of this – but not all – will be resolved in the coming week, so expect mortgage rates to be in flux for some time. 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 3.57 percent, the monthly payment for the same size loan would be $905.92, a difference of $336 per month for anyone refinancing now. SURVEY RESULTS 30-year fixed: 3.57% -- down from 3.61% last week (avg. points: 0.43) 15-year fixed: 2.89% -- down from 2.90% last week (avg. points: 0.30)
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV