Mortgage rates held firm in the Detroit area this week.
Benchmark 30-year rate stays flat in Detroit
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Detroit area held at 3.54%.
In the survey for the current week, the mortgages had an average of 0.12 discount and origination points.
"With the most popular mortgage rate doing a whole lot of nothing, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also steady, staying at $744.61.
Other Detroit mortgage types mixed
The average rate for 30-year jumbo mortgages also remained unchanged this week at 3.56%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency. Those limits start at $417,000 and can range up to $625,500, depending on the location.
The average rate for 15-year fixed-rate mortgages climbed 2 basis points, growing to 2.81%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, ratcheting up $1.57 to $1,124.44.
"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," Lewis says.
The benchmark 5/1 adjustable-rate mortgage rate went down to 3.08% this week, a drop of 1 basis point. 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 type of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's Aug. 24 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in Detroit.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.54%||2.81%||3.08%||3.56%|
|Change from last week:||N/C||+0.02||-0.01||N/C|
|Change from last week:||N/C||+$1.57||-$0.89||N/C|