A number of important mortgage rates were flat in the Denver area this week.
Key 30-year rate flat in Denver
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Denver area held at 4.00 percent, according to Bankrate's national survey of large lenders. The local rate was higher than the national rate of 3.99 percent.
The mortgages in this week's survey had an average of 0.28 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 $787.74.
No clear direction for other Denver mortgage types
The average rate for 30-year jumbo mortgages went in the other direction this week, ramping up 2 basis points to 3.96 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Denver area, that limit is $493,350.
The average rate for 15-year fixed-rate mortgages held tight, at 3.25 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,159.40.
The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing still won't help or hurt for refinancers thinking about locking soon.
The popular 5/1 adjustable-rate mortgage rate diminished a striking 25 points this week, dipping to 3.25 percent. 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 popular type of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted September 13, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $493,350 in the Denver area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.00%||3.25%||3.25%||3.96%|
|Change from last week:||N/C||N/C||-0.25||+0.02|
|Change from last week:||N/C||N/C||-$22.44||+$5.68|
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."