Multiple important mortgage rates trended upward in the St. Louis area this week.

Benchmark 30-year rate rises in St. Louis

The average rate on the benchmark 30-year fixed-rate mortgage rate for the St. Louis area advanced to 3.96 percent, according to Bankrate’s national survey of large lenders. While the local rate was up 5 basis points from last week, it was still below the national average rate of 4.09 percent. A basis point is one-hundredth of 1 percentage point.

Mortgages in this week’s survey had an average of 0.70 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have increased.

The climb in the mortgage rate elevated 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $783.94, an addition of $4.75 from last week.

Other St. Louis mortgage types mixed

The rate for 30-year jumbo mortgages also trended upward this week, climbing a remarkable 25 basis points to 4.13 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the St. Louis area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages rose to 3.29 percent, rising 4 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage increased along with rates, rising $3.22 to $1,162.61.

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 remained constant at 3.08 percent. The most common type of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

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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 St. Louis area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 3.96% 3.29% 3.08% 4.13%
Change from last week: +0.05 +0.04 N/C +0.25
Monthly payment: $783.94 $1,162.61 $702.79 $2,056.63
Change from last week: +$4.75 +$3.22 N/C +$62.09

Methodology: The “ 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 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.”