Several important mortgage rates remained steady in the Boston area this week.
Key 30-year rate flat in Boston
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Boston area remained consistent at 3.61%, according to Bankrate's national survey of large lenders.
This week, the mortgages averaged 0.21 discount and origination points.
"With the most popular mortgage rate doing a whole lot of nothing, 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 unchanged, remaining at $751.09.
No clear direction for other Boston mortgage types
The average rate for 30-year jumbo mortgages also didn't do much of anything this week, remaining at 3.71%. 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 held as well, remaining at 2.79%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,122.87.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing still is neither good news nor bad news for refinancers thinking about locking soon," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate climbed to 3.11% this week, a rise of 2 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. 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:||3.61%||2.79%||3.11%||3.71%|
|Change from last week:||N/C||N/C||+0.02||N/C|
|Change from last week:||N/C||N/C||+$1.79||N/C|