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Bankrate: Mortgage Rates Retreat

NEW YORK, Jan. 17, 2013 /PRNewswire/ -- Mortgage rates moved lower after reaching a 4-month high last week, with the benchmark 30-year fixed mortgage rate retreating to 3.60 percent this week, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.36 discount and origination points.

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The average 15-year fixed mortgage rate pulled back to 2.89 percent and the larger jumbo 30-year mortgage dropped to 4.04 percent. Adjustable rate mortgages were lower across the board, with the popular 5-year ARM sliding to 2.74 percent and the 7-year ARM sinking to 2.88 percent.  

The glow of the fiscal cliff deal is beginning to wear off, with mortgage rates now sliding back after a run-up to start the year. Although recent economic data has been pretty positive, the pace of the decline in bond yields and mortgage rates will likely pick up as nervousness about the debt ceiling debate increases. Mortgage rates are closely related to yields on long-term government bonds.

The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate now 3.60 percent, the monthly payment for the same size loan would be $909.29, a difference of $173 per month for anyone refinancing now.


30-year fixed: 3.60% -- down from 3.67% last week (avg. points: 0.36)

15-year fixed: 2.89% -- down from 2.92% last week (avg. points: 0.27)

5/1 ARM: 2.74% -- down from 2.77% last week (avg. points: 0.31)

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