This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bankrate: Mortgage Rates Slip Following Disappointing Jobs Report

NEW YORK, Aug. 8, 2013 /PRNewswire/ -- Mortgage rates pulled back, with the benchmark 30-year fixed mortgage rate retreating 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.

(Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO )

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage fell to 3.62 percent, while the larger jumbo 30-year fixed mortgage rate declined to 4.68 percent. Adjustable rate mortgages were mostly lower. The popular 5-year adjustable rate slid to 3.53 percent and the 10-year ARM inched lower to 4.11 percent.

The disappointing July jobs report cast some doubt on whether the Federal Reserve would begin tapering their bond purchases in September. With encouraging and disappointing economic news offsetting each other on almost a daily basis, look for mortgage rates to remain range bound at least until there is greater clarity regarding both the economy and Fed policy.

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 4.56 percent, the monthly payment for the same size loan would be $1,020.51, a difference of $120 per month for anyone that waited too long.

SURVEY RESULTS

30-year fixed: 4.56% -- down from 4.59% last week (avg. points: 0.31)

15-year fixed: 3.62% -- down from 3.65% last week (avg. points: 0.23)

5/1 ARM: 3.53% -- down from 3.57% last week (avg. points: 0.23)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs