NEW YORK, May 16, 2013 /PRNewswire/ -- Mortgage rates moved higher for a second consecutive week, with the benchmark 30-year fixed mortgage rate climbing to 3.71 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.34 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 increased to 2.92 percent, while the larger jumbo 30-year fixed mortgage rate inched lower to 3.99 percent. Adjustable rate mortgages were also higher, with the popular 5-year ARM rising to 2.68 percent and the 10-year adjustable now at 3.22 percent.The suddenly glass-half-full economic sentiment continues to push bond yields and mortgage rates higher. Mortgage rates are closely related to yields on long-term government bonds. The benchmark 30-year fixed mortgage rate is now the highest since early April. Despite the increase, however, mortgage rates have been in a narrow one-third of a percentage point range since December. That is in tune with the not-too-hot, not-too-cold economic performance. 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 currently at 3.71 percent, the monthly payment for the same size loan would be $921.70, a difference of $160 per month for anyone refinancing now. SURVEY RESULTS 30-year fixed: 3.71% -- up from 3.60% last week (avg. points: 0.34) 15-year fixed: 2.92% -- up from 2.82% last week (avg. points: 0.32) 5/1 ARM: 2.68% -- up from 2.64% last week (avg. points: 0.24)
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