Bankrate: Mortgage Rates Reset Record Low

NEW YORK  (  Mortgage rates hit record lows again this week, with the average conforming 30-year fixed mortgage rate inching lower to 4.74 percent, according to’s weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

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The average 15-year fixed mortgage bucked the trend, rising slightly to 4.22 percent, while the larger jumbo 30-year fixed rate declined to a new low of 5.48 percent. Adjustable rate mortgages were lower as well, with the average 5-year ARM ticking down to 4.06 percent and the average 7-year ARM retreating to 4.46 percent.  

Mortgage rates have fallen as a result of worries about the health of the economy, as investors have stampeded into the safety of Treasury securities. Mortgage rates are closely related to yields on long-term government debt. The lingering uncertainty about whether the economy gets better or worse from here will help keep rates at ultra-low levels, a boon to homebuyers and refinancers alike.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average 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 4.74 percent, the monthly payment for the same size loan would be $1,042.09, a savings of $199 per month for a homeowner refinancing now.

30-year fixed: 4.74% — down from 4.75% last week (avg. points: 0.39)  
15-year fixed: 4.22% — up from 4.20% last week (avg. points: 0.36)  
5/1 ARM: 4.06% — down from 4.07% last week (avg. points: 0.30)  

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

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. According to the panelists mortgage rates aren’t headed anywhere, with 56 percent forecasting that mortgage rates will remain more or less unchanged. One-third of respondents expect mortgage rates to rebound from current lows, and just 11 percent predict mortgage rates will fall further in the next week.  

For the full mortgage Rate Trend Index, go to

About Bankrate, Inc.

The Bankrate network of companies includes,,, Nationwide Card Services,, Fee Disclosure, InsureMe and Bankaholic.  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. 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. reviews more than 4,800 financial institutions in 575 markets in 50 states. provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT).’s information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world’s leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: