Friday, July 13, 2012Mortgage rates moved lower once again, with the average 30-year fixed mortgage rate setting a new record low of 3.79 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.
The average 15-year fixed mortgage rate fell to 3.05 percent, while the jumbo 30-year fixed mortgage ticked lower to 4.44 percent, both record lows. Adjustable mortgage rates were mixed, with the average 3/1 ARM rate inching higher to 3.08 percent while the rate on the popular 5/1 adjustable dipped to a new record low of 2.95 percent.
A disappointing jobs report raised further concerns about the U.S. economy and helped push mortgage rates to the 10th new record low in the past 12 weeks. The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 3.79 percent, the monthly payment for the same size loan would be $930.78, a difference of nearly $311 per month for anyone refinancing now.
- 30-year fixed: 3.79% -- down from 3.87% last week (avg. points: 0.40)
- 15-year fixed: 3.05% -- down from 3.13% last week (avg. points: 0.35)
- 5/1 ARM: 2.95% -- down from 2.96% last week (avg. points: 0.35)
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