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30 Year Mortgage Rate: Averages
built 170 days ago
The benchmark 30-year, fixed-rate mortgage rose 5 basis points to 6.42 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.32 discount and origination points. One year ago, the mortgage index was 5.76 percent. Four weeks ago it was 6.1 percent.
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Just three weeks ago, the average 30-year mortgage rate was 6.91 percent. Rates now are at their lowest since November, when they dipped below 6.6 percent for three weeks as consumer confidence ebbed. Contradictory news dominated newspapers and airwaves in November: Unemployment was rising and consumer confidence was falling, yet consumers went shopping like mad. People were scared about when the next terrorist attack was coming.
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[R]ecently, the average 30-year mortgage rate was 6.5%, so with home prices up just 3%, real mortgage rates are now 3.5%. And with most potential buyers well aware of the huge excess supply of homes, there’s no reason to expect prices to rebound soon. A reasonable person might expect them to fall further, boosting the real mortgage rate further.
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During one recent week, the average 30-year, fixed-rate mortgage rose 4 basis points, to 6.32 percent. A basis point is one-hundredth of a percentage point. The average 15-year fixed, a popular option for refinancing, rose 4 basis points, to 6 percent.
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The daily average rate on Thursday for a 30-year fixed conforming loan fell to 5.870% with a one-point fee, mirroring a fall in the yield on a 10-year treasury. Yields on 10 and 30-year government bonds are general guides to long-term mortgage rates, but they are not directly related, experts say. (Conforming loans are up to $417,000, for now — the limit is set to be increased next month in high-cost areas.)
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REALTOR Magazine Online reports today that the U.S. national average rate on a 30-year fixed-rate mortgage jumped to 6.37%, the highest level in more than two years. This is the tenth weekly gain in a row. Last week the rate was 6.36%.
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