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Mortgage rates in Cleveland, Ohio

By Claes Bell · Bankrate.com
Friday, August 11, 2017
Posted: 10 am ET

Several key mortgage rates were flat in the Cleveland area this week.

Key 30-year rate remains unchanged in Cleveland

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Cleveland area held at 3.87 percent, according to Bankrate's national survey of large lenders.

The mortgages in this week's survey had an average of 0.81 discount and origination points.

With the most popular mortgage rate frozen in place, 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 constant, staying at $775.42.

No clear direction for other Cleveland mortgage types

The average rate for 30-year jumbo mortgages also was flat this week, remaining at 3.75 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 stood pat as well, remaining at 3.11 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,148.21.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates remaining the same doesn't help or hurt for refinancers thinking about locking soon.

The benchmark 5/1 adjustable-rate mortgage rate stood at 3.06 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.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted August 9, 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: 3.87% 3.11% 3.06% 3.75%
Change from last week: N/C N/C N/C N/C
Monthly payment: $775.42 $1,148.21 $701.00 $1,964.07
Change from last week: N/C N/C N/C 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."

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