According to Bankrate’s interest rate survey, mortgage rates increased this week. Information to keep in mind for the Bankrate’s survey includes, a jumbo mortgage is a loan that is at least $650,000 and a basis point is one-hundredth of 1%. Here are some statistics from the latest survey: The benchmark 30-year fixed-rate mortgage increased 6 basis points to 3.93%. The benchmark 15-year fixed-rate mortgage increased 7 basis points to 3.17%. The average 30-year fixed-rate jumbo mortgage increased 6 basis points to 3.84%.
The average 5/1 adjustable-rate mortgage rose 10 basis points to 3.43%. With a 5/1 ARM, the rate is fixed for 5 years and adjusted annually thereafter.
The latest weekly survey from the Mortgage Bankers Association shows that Mortgage applications decreased 3.3% last week from the previous week.
In regards to the future of mortgage rates, this week (March 17th to the 23rd), half of the panelists of the Bankrate’s Rate Trend Index believe that Mortgage Rates will rise over the next week, a quarter say they will stay relatively unchanged and the remaining quarter thinks they will fall. The panel consists of mortgage bankers, mortgage brokers along with other industry experts. Click here to view the experts explanations from each prediction.