A number of important mortgage rates decreased in the Cleveland area this week.

Benchmark 30-year rate shows decline in Cleveland

According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Cleveland area ticked downwards to 3.84 percent. The local rate was down 4 basis points from last week, and was lower than the national average rate of 4.09 percent. A basis point is one-hundredth of 1 percentage point.

For mortgages in this week’s survey, there were an average of 0.72 discount and origination points.

The drop in the 30-year fixed will benefit those who waited to lock on a rate, as their wager paid off.

Monthly payments on a hypothetical $165,000 mortgage fell to $772.59, falling $3.76 from last week, corresponding with the slip in mortgage rates.

No clear direction for other Cleveland mortgage types

The average rate for 30-year jumbo mortgages fell this week, down 3 basis points to 3.81 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Cleveland area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages fell 3 basis points as well, reaching 3.22 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates trending down, slipping $2.40 to $1,157.00.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more attractive to some homeowners.

The popular 5/1 adjustable-rate mortgage rate held at 3.22 percent this week. 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.

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 Cleveland area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 3.84% 3.22% 3.22% 3.81%
Change from last week: -0.04 -0.03 N/C -0.03
Monthly payment: $772.59 $1,157.00 $715.38 $1,978.54
Change from last week: -$3.76 -$2.40 N/C -$7.24

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.”