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.
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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
. 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 3.57 percent, the monthly payment for the same size loan would be
, a difference of
per month for anyone refinancing now.
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)