Bankrate, Inc. News
Bankrate: Fixed Mortgage Rates Inch Higher
The average 15-year fixed rate mortgage popular for refinancing increased to 5.78 percent, while the average jumbo 30-year fixed rate is now 7.41 percent. Adjustable mortgage rates slumped, with the average 3/1 ARM retreating to 5.79 percent and the average 7/1 ARM falling to 6.06 percent.
Inflation worries continue to pressure mortgage rates. Fixed mortgage rates increased despite a better-than-expected reading on the Consumer Price Index for April. Optimism about a shallow recession and an economic rebound stand in contrast to the gloomy forecasts so prevalent of late, and have contributed to the uptick in mortgage rates. Fixed mortgage rates are closely related to yields on long-term government bonds, and both are heavily influenced by the outlook for the economy and inflation.
Mortgage rates have been on a wild ride since the beginning of the year. The average 30-year fixed mortgage rate was as low as 5.57 percent in January, meaning that a
SURVEY RESULTS 30-year fixed: 6.19% — up from 6.13% last week (avg. points: 0.39) 15-year fixed: 5.78% — up from 5.71% last week (avg. points: 0.40) 5/1 ARM: 5.86% — down from 5.87% last week (avg. points: 0.34)
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 all panelists think rates will continue to move higher. Among the other half, 31 percent predict a decline and 19 percent expect rates to 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
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 and InsureMe. 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.
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