Multiple benchmark mortgage rates decreased in the Boston area this week.
Key 30-year rate ticks down in Boston
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Boston area slid to 3.99 percent, according to Bankrate's national survey of large lenders. The local rate was less than the national average rate of 4.05 percent, and was down 6 basis points from last week. A basis point is one-hundredth of 1 percentage point.
The mortgages in the survey for the current week had an average of 0.20 discount and origination points.
Monthly payments on a hypothetical $165,000 mortgage fell to $786.78, down $5.69 from last week, corresponding with the dip in mortgage rates.
Other Boston mortgage types mixed
The average rate for 30-year jumbo mortgages fell this week, down 3 basis points to 3.98 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Boston area, that limit is $598,000.
The average rate for 15-year fixed-rate mortgages slipped 4 basis points as well, reaching 3.21 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates on the decline, decreasing $3.20 to $1,156.20.
The benchmark 5/1 adjustable-rate mortgage rate rose to 3.45 percent this week, a rise of 3 basis points. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted June 21, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $598,000 in the Boston area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.99%||3.21%||3.45%||3.98%|
|Change from last week:||-0.06||-0.04||+0.03||-0.03|
|Change from last week:||-$5.69||-$3.20||+$2.76||-$10.32|
Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.
To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."