Bankrate: Mortgage Rates Jump Again

Bankrate: Mortgage Rates Jump Again

RISMEDIA, January 3, 2011—Mortgage rates climbed higher last week, with the average conforming 30-year fixed mortgage rising to 5.02 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage increased to 4.39 percent and the larger jumbo 30-year fixed rate rose to 5.64 percent. Adjustable rate mortgages also went up, with the average 5-year ARM rising to 4 percent and the average 7-year ARM reaching 4.43 percent.

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 5.02 percent, the monthly payment for the same size loan would be $1,076.09, a savings of $166 per month for a homeowner refinancing now.

Survey Results
30-year fixed: 5.02% -- up from 4.96% last week (avg. points: 0.44)
15-year fixed: 4.39% -- up from 4.29% last week (avg. points: 0.4)
5/1 ARM: 4.00% -- up from 3.92% last week (avg. points: 0.45)

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 last week's move in mortgage rates, go to http://www.bankrate.com.