NEW YORK, 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.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
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. SURVEY RESULTS 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)
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV