Mortgage rates moved in different directions in the Cincinnati area this week.
Key 30-year rate flat in Cincinnati
According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Cincinnati area held at 3.94 percent.
The mortgages in the survey for the current week had an average of 0.69 discount and origination points.
With the most popular mortgage rate unchanged, it’s neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also consistent, staying at $782.04.
Other Cincinnati mortgage types rise
On the other hand, the average rate for 30-year jumbo mortgages ticked up this week, rising 12 basis points to 4.00 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Cincinnati area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages ticked upward 6 basis points as well, reaching 3.19 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates upward, increasing $4.81 to $1,154.60.
Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise.
The popular 5/1 adjustable-rate mortgage rate climbed 6 points this week, up to 3.44 percent. 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 type of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate’s survey of mortgage lenders conducted October 11, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Cincinnati area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week’s rate:||3.94%||3.19%||3.44%||4.00%|
|Change from last week:||N/C||+0.06||+0.06||+0.12|
|Change from last week:||N/C||+$4.81||+$5.52||+$29.45|
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.”