Mortgage rates showed no clear direction in the Cincinnati area this week.

Benchmark 30-year rate remains unchanged in Cincinnati

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Cincinnati area stood at 4.00 percent, according to Bankrate’s national survey of large lenders.

The mortgages in the survey for this week had an average of 0.25 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 consistent, remaining at $787.74.

No clear direction for other Cincinnati mortgage types

The average rate for 30-year jumbo mortgages also didn’t do much of anything this week, remaining at 3.88 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Cincinnati area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages rose 6 basis points, rising to 3.31 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates higher, increasing $4.83 to $1,164.22.

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 grew a substantial 19 points this week, up to 3.69 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 popular variety of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted December 13, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Cincinnati area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.00% 3.31% 3.69% 3.88%
Change from last week: N/C +0.06 +0.19 N/C
Monthly payment: $787.74 $1,164.22 $758.53 $1,995.49
Change from last week: N/C +$4.83 +$17.83 N/C

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.”