- Posted at 4:02, January 03, 2014
- By Russ Bleemer
Bankrate says that mortgage rates increased for a third consecutive week--in keeping with some prognostications--with the benchmark 30-year fixed mortgage rate increasing to 4.69% this week, from 4.63% a week ago. The 30-year fixed mortgage has an average of 0.32 discount and origination points.
Mortgage rates closed out 2013 more than a full percentage point higher than at the end of 2012. The 30-year rate began the year at 3.58%.
Bankrate provides a payment example: The May 1, 2013, 30-year fixed rate was 3.52%, which on a $200,000 loan would have meant a monthly $900.32 payment.
Now at 4.69%, the monthly payment for the $200,000 loan would be $1,036.07, a difference of almost $136.
The national survey saw the 15-year fixed rate increasing to 3.73%, from 3.70% last week, with 0.24 average points, and adjustable rates moving upt to 3.52% from 3.43% with 0.25 points a week ago.
The data in the Bankrate survey is provided by the top 10 banks and thrifts in the top 10 markets. The firm's report and analysis can be found HERE.
Bankrate also reports its own weekly Rate Trend Index. This week, 62% of its expert mortgage panel expect rates "to remain more or less unchanged." One-quarter predict an increase, while 13% forecast a rate decline in the next week.
The Rate Trend Index report can be found HERE.