Several key mortgage rates declined in the Milwaukee area this week.
Benchmark 30-year rate declines 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 ticked downwards to 3.92 percent. The local rate was less than the national average rate of 4.09 percent, and was down 2 basis points from last week. A basis point is one-hundredth of 1 percentage point.
The mortgages in this week’s survey averaged 0.15 discount and origination points.
The drop in the 30-year fixed is great news for those who waited to lock on a rate, as that turned out to be a smart bet.
Monthly payments on a hypothetical $165,000 mortgage slid to $780.14, dropping $1.89 from last week, corresponding with the decline in mortgage rates.
Other Milwaukee mortgage types mixed
The average rate for 15-year fixed-rate mortgages stood pat, remaining at 3.31 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,164.22.
The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing pat doesn’t help or hurt for refinancers thinking about locking soon.
The popular 5/1 adjustable-rate mortgage rate fell 2 points this week, down to 3.45 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 type of variable-rate mortgage.
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 $ in the Milwaukee area.|
|30-year fixed||15-year fixed||5-year ARM|
|This week’s rate:||3.92%||3.31%||3.45%|
|Change from last week:||-0.02||N/C||-0.02|
|Change from last week:||-$1.89||N/C||-$1.83|
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.”