July 18, 2013
/PRNewswire/ -- Disappointing reports on retail sales and housing starts were enough to pull mortgage rates back from last week's 2-year high, with the benchmark 30-year fixed mortgage rate sliding to 4.56 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.31 discount and origination points.
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The average 15-year fixed mortgage fell to 3.65 percent, while the larger jumbo 30-year fixed mortgage rate declined to 4.71 percent. Adjustable rate mortgages were mostly lower, with the popular 5-year adjustable rate retreating to 3.56 percent and the 7-year rate falling to 3.87 percent. The 10-year ARM was the exception, moving a touch higher to 4.08 percent.
Weaker economic data increases the odds the Federal Reserve holds off tapering their bond-buying stimulus. And further easing the upward pressure on interest rates this week were comments from Fed Chairman
, who emphasized in an appearance before Congress that the tapering is not set in stone and the Fed is very adaptable to incoming economic data.
As recently as
, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a
loan would have carried a monthly payment of
. With the average rate currently at 4.56 percent, the monthly payment for the same size loan would be
, a difference of
per month for anyone that waited just a little too long.
30-year fixed: 4.56% -- down from 4.66% last week (avg. points: 0.31)15-year fixed: 3.65% -- down from 3.75% last week (avg. points: 0.25)5/1 ARM: 3.56% -- down from 3.63% last week (avg. points: 0.31)