July 6th, 2019 6:51 AM by Jackie A. Graves, President
benchmark 30-year fixed-rate mortgage saw a slight uptick this week to 3.95
percent from 3.94 percent, according to Bankrate’s weekly survey of large
lenders. The big news is the rate tumbled for the jumbo 30-year fixed mortgage
to 3.81 percent. This is the lowest it’s been since November 2016, giving some
borrowers a break in loan costs.
the midst of the summer homebuying season, mortgage applications dropped 0.1
percent from one week earlier, according to data from the Mortgage Bankers
Association’s (MBA) Weekly Mortgage Applications Survey.
data has been on the weak side and the benchmark 10-year Treasury yield has
fallen below 2 percent — so mortgage rates remain at multi-year lows. Further
disappointments on the economic and trade front would likely push mortgage
rates lower,” says Greg McBride, chief financial analyst at Bankrate.
Mortgage rates this week
benchmark 30-year fixed-rate mortgage rose this week to 3.95 percent from 3.94
percent, according to Bankrate’s weekly survey of large lenders. A year ago, it
was 4.71 percent. Four weeks ago, the rate was 4.06 percent. The 30-year
fixed-rate average for this week is 1.15 percentage points below the 52-week
high of 5.10 percent, and is 0.01 percentage points higher than the 52-week low
of 3.94 percent.
30-year fixed mortgages in this week’s survey had an average total of 0.31
discount and origination points.
the past 52 weeks, the 30-year fixed has averaged 4.60 percent. This week’s
rate is 0.65 percentage points lower than the 52-week average.
the current 30-year fixed rate, you’ll pay $474.54 each month for every
$100,000 you borrow, up from $473.96 last week.
the current 15-year fixed rate, you’ll pay $703.64 each month for every
$100,000 you borrow, down from $704.13 last week.
the current 5/1 ARM rate, you’ll pay $467.10 each month for every $100,000 you
borrow, up from $463.68 last week.
of Bankrate.com’s weekly national survey of large lenders conducted July 3,
2019 and the effect on monthly payments for a $165,000 loan:
At the current
30-year fixed rate, you’ll pay $474.54 each month for every $100,000 you
borrow, up from $473.96 last week.
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