Mortgage rates fall to 3-month low, 30-year fixed 3.83%
This is according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of 0.21 discount and origination points.
The larger jumbo 30-year fixed reset a record low at 3.83 percent, while the average 15-year fixed mortgage dipped to 3.21 percent. Adjustable mortgage rates were little changed, with the 5-year and 7-year ARMs inching down to 3.30 percent and 3.50 percent, respectively.
Mortgage rates continue their decline amid ongoing uncertainty in the global economy and continued volatility in financial markets.
The heightened demand for the safety of U.S. government debt brought bond yields and mortgage rates lower, with the yield on the benchmark 10-year Treasury note still hovering near 2 percent.
This brought the benchmark 30-year fixed mortgage rate to the lowest point since late October. Mortgage rates are closely related to yields on long-term government bonds.
At the current average 30-year fixed mortgage rate of 3.94 percent, the monthly payment for a $200,000 loan is $947.93. ■