Multiple benchmark mortgage rates cruised higher in the Detroit area this week.
Benchmark 30-year rate ticks up 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 increased to 4.00 percent. While it was still lower than the national average rate of 4.05 percent, the local rate was up 6 basis points from last week. A basis point is one-hundredth of 1 percentage point.
In this week's survey, the mortgages had an average of 0.17 discount and origination points.
The climb in the mortgage rate elevated 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $787.74, a difference of $5.72 from last week.
Other Detroit mortgage types rise
The rate for 30-year jumbo mortgages also trended up this week, ascending 5 basis points to 4.00 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 climbed to 3.21 percent, rising 4 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved upward with rates, adding $3.21 to $1,156.20.
The benchmark 5/1 adjustable-rate mortgage rate rose 7 points this week, rising to 3.31 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 common type of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted June 21, 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:||4.00%||3.21%||3.31%||4.00%|
|Change from last week:||+0.06||+0.04||+0.07||+0.05|
|Change from last week:||+$5.72||+$3.21||+$6.38||+$12.24|
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."