Mortgage rates moved in different directions in the Boston area this week.
Benchmark 30-year rate remains unchanged in Boston
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Boston area stood at 3.58%, according to Bankrate's national survey of large lenders.
In the survey for the current week, the mortgages had an average of 0.19 discount and origination points.
"With the most popular mortgage rate standing still, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also consistent, staying at $748.31.
Other Boston mortgage types mixed
The average rate for 30-year jumbo mortgages also didn't register a change this week, remaining at 3.68%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency -- for the Boston area, that limit is $523,250.
The average rate for 15-year fixed-rate mortgages slipped 4 basis points, falling to 2.75%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, down $3.14 to $1,119.73.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more profitable to some homeowners," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate climbed to 3.09% this week, a rise of 1 basis point. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular variety of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 9/21/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $523,250 in the Boston area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.58%||2.75%||3.09%||3.68%|
|Change from last week:||N/C||-0.04%||+0.01%||N/C|
|Change from last week:||N/C||-$3.14||+$0.90||N/C|