Multiple key mortgage rates remained steady in the Milwaukee area this week.
Key 30-year rate stays flat in Milwaukee
According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Milwaukee area stood at 3.94 percent.
The mortgages in the survey for the current week had an average of 0.21 discount and origination points.
With the most popular mortgage rate standing still, 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 unchanged, staying at $782.04.
Other Milwaukee mortgage types mixed
The average rate for 15-year fixed-rate mortgages stayed constant at 3.31 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying consistent at $1,164.22.
The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing pat doesn’t help or hurt for refinancers thinking about locking soon.
The popular 5/1 adjustable-rate mortgage rate fell to 3.47 percent this week, a drop of a whopping 28 basis points. 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 type of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate’s survey of mortgage lenders conducted December 6, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $ in the Milwaukee area.|
|30-year fixed||15-year fixed||5-year ARM|
|This week’s rate:||3.94%||3.31%||3.47%|
|Change from last week:||N/C||N/C||-0.28|
|Change from last week:||N/C||N/C||-$25.50|
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.”