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Bankrate: Mortgage Rates Inch Higher
added: 2011-09-30

The benchmark conforming 30-year fixed mortgage rate inched higher to 4.30 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.

The average 15-year fixed mortgage bounced back to 3.47 percent while the larger jumbo 30-year fixed rate climbed to 4.87 percent. Adjustable rate mortgages were mostly higher, with the average 5-year ARM rising to 3.13 percent and the 7-year ARM jumping to 3.33 percent.

After falling in each of the past eight weeks and setting new record lows for 5 consecutive weeks, mortgage rates were higher this week. Optimism that Europe can avoid a full-blown financial meltdown gave markets a boost, and that resulted in mortgage rates moving up. But with the backdrop of a weak U.S. economy, slower growth around the globe, and the Federal Reserve reinvesting in mortgage-backed bonds, mortgage rates are destined to stay low in the months ahead.

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 4.30 percent, the monthly payment for the same size loan would be $989.74, a difference of $252 per month for anyone refinancing now.


30-year fixed: 4.30% - up from 4.29% last week (avg. points: 0.37)

15-year fixed: 3.47% - up from 3.42% last week (avg. points: 0.35)

5/1 ARM: 3.13% - up from 3.05% last week (avg. points: 0.42)


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