Mortgage rates diverged in the Cleveland area this week.
Benchmark 30-year rate flat in Cleveland
According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Cleveland area stood at 3.86 percent.
The mortgages in this week’s survey averaged 0.75 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 $774.48.
No clear direction for other Cleveland mortgage types
The average rate for 30-year jumbo mortgages also was unchanged this week, remaining at 3.81 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Cleveland area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages grew 4 basis points, growing to 3.19 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates upward, increasing $3.20 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 beneficial than it would have been before the rate rise.
The popular 5/1 adjustable-rate mortgage rate ticked upward 3 points this week, climbing to 3.19 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 common variety 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 Cleveland area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week’s rate:||3.86%||3.19%||3.19%||3.81%|
|Change from last week:||N/C||+0.04||+0.03||N/C|
|Change from last week:||N/C||+$3.20||+$2.71||N/C|
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.”