Multiple benchmark mortgage rates rose in the Milwaukee area this week.
Key 30-year rate higher 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 climbed to 3.91 percent. While the local rate was up 8 basis points from last week, it sat below the national average rate of 4.07 percent. A basis point is one-hundredth of 1 percentage point.
This week, the mortgages averaged 0.31 discount and origination points.
With the 30-year fixed rising, it means that homebuyers and refinancers will find it more expensive to borrow.
The climb in the mortgage rate elevated 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $779.20, an increase of $7.59 from last week.
Other Milwaukee mortgage types mixed
The average rate for 15-year fixed-rate mortgages ticked upward 8 basis points, climbing to 3.25 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, climbing $6.43 to $1,159.40.
Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less advantageous than it would have been before the rate rise.
The popular 5/1 adjustable-rate mortgage rate diminished 2 points this week, to 3.28 percent. 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 variety of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate’s survey of mortgage lenders conducted October 11, 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:||3.91%||3.25%||3.28%|
|Change from last week:||+0.08||+0.08||-0.02|
|Change from last week:||+$7.59||+$6.43||-$1.81|
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.”