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The average 15-year fixed rate mortgage climbed to 5.31 percent and the average jumbo 30-year fixed rate bumped up to 7.12 percent. Adjustable rate mortgages were mixed, with the average 1-year ARM pulling back to 5.73 percent and the 5/1 ARM rising to 5.5 percent.
Mortgage rates climbed after the Federal Reserve's
Many borrowers are holding out for lower rates, but this waiting game can be costly when rates suddenly increase as they did this week. Last week when the average 30-year fixed mortgage rate was 5.48 percent, a
SURVEY RESULTS
30-year fixed: 5.70% -- up from 5.48% last week (avg. points: 0.35)
15-year fixed: 5.31% -- up from 5.10% last week (avg. points: 0.4)
5/1 ARM: 5.50% -- up from 5.41% last week (avg. points: 0.52)
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. Nearly half of the panelists, 48 percent, predict mortgage rates will decline. Just 26 percent forecast an increase in rates over the next 30 to 45 days, while an equal 26 percent expect rates to remain more or less unchanged.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI
About Bankrate, Inc. (Nasdaq: RATE)
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2007, Bankrate.com had nearly 60 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO),
For more information contact: Kayleen Keneally Senior Director, Corporate Communications kkeneally@bankrate.com 917-368-8677
NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to Bankrate.com
SOURCE Bankrate, Inc.