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Bankrate: Mortgage Rates Creep Higher

NEW YORK, August 1, 2013 /PRNewswire/ -- Mortgage rates posted a second week of only slight movement, with the benchmark 30-year fixed mortgage rate rising to 4.59 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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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage increased in a similar fashion, to 3.65 percent, while the larger jumbo 30-year fixed mortgage rate rebounded to 4.73 percent. Adjustable rate mortgages were mostly higher. The 3-year adjustable rate inched higher to 3.60 percent, while the popular 5-year ARM stepped up to 3.57 percent. The average 7-year ARM rate was unchanged at 3.90 percent.

Mortgage rates were slightly higher on continued strength in the housing and stock markets. Investors in bonds, to which mortgage rates are closely related, are taking a cautious approach regarding possible tapering of Fed stimulus. The slow growth economy, high unemployment, and low inflation make it unlikely the Federal Reserve will need to dial back their stimulus as soon as September. But the looming jobs report and lineup of economic releases in the coming days make bond investors unwilling to stick their necks out.

As recently as May 1 st, the average 30-year fixed mortgage rate was 3.52 percent. At that time, a $200,000 loan would have carried a monthly payment of $900.32. With the average rate currently at 4.59 percent, the monthly payment for the same size loan would be $1,024.09, a difference of $124 per month for anyone that waited too long.

SURVEY RESULTS

30-year fixed: 4.59% -- up from 4.54% last week (avg. points: 0.31)

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