Mortgage rates moved in different directions in the Detroit area this week.
Key 30-year rate flat in Detroit
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Detroit area stood at 3.93 percent, according to Bankrate's national survey of large lenders.
The mortgages in the survey for the current week had an average of 0.33 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.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also consistent, holding at $781.09.
Other Detroit mortgage types mixed
On the other hand, the average rate for 30-year jumbo mortgages ticked up this week, increasing 3 basis points to 4.03 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Detroit area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages ticked downwards 1 basis point, slipping to 3.12 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, dropping $0.80 to $1,149.01.
The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more advantageous to some homeowners.
The benchmark 5/1 adjustable-rate mortgage rate diminished 5 basis points this week, dipping to 3.35 percent. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted August 16, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Detroit area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.93%||3.12%||3.35%||4.03%|
|Change from last week:||N/C||-0.01||-0.05||+0.03|
|Change from last week:||N/C||-$0.80||-$4.55||+$7.36|
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."