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June 13, 2013 /PRNewswire/ -- Mortgage rates increased for a sixth consecutive week, with the benchmark 30-year fixed mortgage rate setting a new 14-month high of 4.14 percent, according to
Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.
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The average 15-year fixed mortgage increased to 3.32 percent, while the larger jumbo 30-year fixed mortgage rate is at a 9-month high of 4.32 percent. Adjustable rate mortgages moved higher also. The popular 5-year adjustable rate jumped to 3 percent, the first time at the 3 percent mark since last June. The average 7-year ARM is at 3.24 percent and the 10-year is now 3.58 percent.
All eyes now turn to the Federal Reserve, with next week holding a meeting of the Federal Open Market Committee followed by
Ben Bernanke's press conference. Long-term interest rates – to which mortgage rates are closely related - have jumped in recent weeks on speculation that the Fed will decrease the amount of monthly bond-buying stimulus. Where mortgage rates go from here is dependent on what comes out of next week's Fed meeting.
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 4.14 percent, the monthly payment for the same size loan would be
$971.04, a difference of
$111 per month for anyone refinancing now.
30-year fixed: 4.14% -- up from 4.10% last week (avg. points: 0.32)15-year fixed: 3.32% -- up from 3.28% last week (avg. points: 0.28)5/1 ARM: 3.00% -- up from 2.93% last week (avg. points: 0.29)