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NEW YORK, March 27 /PRNewswire-FirstCall/ -- Fixed mortgage rates inched lower over the past week, with the average conforming 30-year fixed mortgage rate now 5.95 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.49 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing was up slightly, to 5.53 percent. The average jumbo 30-year fixed rate declined modestly to 7.37 percent. Adjustable mortgage rates were very mixed, with the average 1-year ARM rising to 6.25 percent while the average 5/1 ARM plunged to 6.16 percent.
It is unusual to see fixed mortgage rates lower than the rates offered to borrowers taking adjustable rate mortgages. But that is exactly the situation we are currently in, with rates on adjustable mortgages having been pushed higher in recent weeks due to a secondary market for adjustable rate mortgage- backed securities that is in disarray and being plagued by more sellers than buyers. Adjustable rate mortgages have higher instances of delinquency than fixed rate loans, and investors are exacting a price for that by commanding higher returns. This means higher rates for borrowers. Lenders not dependent upon the secondary markets are in a position to offer better terms, underscoring the need for consumers to shop around.
The mortgage rate winds can change direction quickly. Two weeks ago, the average 30-year fixed mortgage rate was 6.39 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,249.70. With the average conforming 30-year fixed rate now 5.95 percent, the same $200,000 loan carries a monthly payment of $1,192.68.
SURVEY RESULTS 30-year fixed: 5.95% -- down from 5.98% last week (avg. points: 0.49) 15-year fixed: 5.53% -- up from 5.46% last week (avg. points: 0.39) 5/1 ARM: 6.16% -- down from 6.44% last week (avg. points: 0.47)
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.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates .
The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. Half of the panelists, 50 percent, predict a further decline while 29 percent forecast an increase in rates. Just 21 percent feel that rates will remain more or less unchanged in the coming 30 to 45 days.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI
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