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Bankrate: Mortgage Rates Little Changed

NEW YORK, Dec. 13, 2012 /PRNewswire/ -- Mortgage rates showed little movement, with the benchmark 30-year fixed mortgage rate reversing last week's move and rebounding to 3.52 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.

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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage rate held at 2.85 percent and the larger jumbo 30-year mortgage remained at the record low of 3.98 percent. Adjustable rate mortgages were mixed, with the 1-year ARM sliding to 2.97 percent, the 5-year ARM staying at 2.74 percent for a third consecutive week, and the 10-year ARM rising to 3.2 percent.

Mortgage rates showed little movement as the fiscal cliff talks looked more like a stalemate. But a newly announced stimulus plan from the Federal Reserve aimed at buying longer-term Treasuries should help bring both bond yields and mortgage rates lower, albeit modestly. Mortgage rates are closely related to yields on long-term government bonds. Don't expect any big moves in mortgage rates as long as the fiscal cliff talks drag on.  

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 3.52 percent, the monthly payment for the same size loan would be $900.32, a difference of $341 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.52% -- up from 3.50% last week (avg. points: 0.37)15-year fixed: 2.85% -- unchanged from last week (avg. points: 0.27)5/1 ARM: 2.74% -- unchanged from last week (avg. points: 0.35)

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