Mortgage rates moved in different directions in the Minneapolis area this week.
Benchmark 30-year rate remains unchanged in Minneapolis
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Minneapolis area remained at 4.13 percent, according to Bankrate’s national survey of large lenders. The local rate was more than the national rate of 4.09 percent.
The average mortgage in our survey this week had 0.69 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 steady, staying at $800.15.
No clear direction for other Minneapolis mortgage types
Breaking ranks with the 30-year conventional mortgage the average rate for 30-year jumbo mortgages fell this week, down 25 basis points to 4.38 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Minneapolis area, that limit is $424,100.
The average rate for 15-year fixed-rate mortgages rose 12 basis points, reaching 3.50 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, ratcheting up $9.75 to $1,179.56.
Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less profitable than it would have been before the rate rise.
The popular 5/1 adjustable-rate mortgage rate declined to 4.06 percent this week, a drop of 7 basis points. 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 popular variety of variable-rate mortgage.
Weekly mortgage survey
|Results from Bankrate’s survey of mortgage lenders conducted November 15, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Minneapolis area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week’s rate:||4.13%||3.50%||4.06%||4.38%|
|Change from last week:||N/C||+0.12||-0.07||-0.25|
|Change from last week:||N/C||+$9.75||-$6.67||-$62.09|
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.”