The benchmark 30-year fixed-rate mortgage rose this week to 4.05 percent from 3.97 percent, according to Bankrate’s weekly survey of large lenders.
A year ago, it was 4.68 percent. Four weeks ago, the rate was 3.99 percent. The 30-year fixed-rate average for this week is 1.05 percentage points below the 52-week high of 5.10 percent, and is 0.11 percentage points greater than the 52-week low of 3.94 percent.
The 30-year fixed mortgages in this week’s survey had an average total of 0.31 discount and origination points.
Over the past 52 weeks, the 30-year fixed has averaged 4.57 percent. This week’s rate is 0.52 percentage points lower than the 52-week average.
- The 15-year fixed-rate mortgage rose to 3.34 percent from 3.30 percent.
- The 5/1 adjustable-rate mortgage fell to 3.89 percent from 3.90 percent.
- The 30-year fixed-rate jumbo mortgage rose to 3.90 percent from 3.85 percent.
At the current 30-year fixed rate, you’ll pay $480.30 each month for every $100,000 you borrow, up from $475.69 last week.
At the current 15-year fixed rate, you’ll pay $707.05 each month for every $100,000 you borrow, up from $705.10 last week.
At the current 5/1 ARM rate, you’ll pay $471.10 each month for every $100,000 you borrow, down from $471.67 last week.
Results of Bankrate.com’s weekly national survey of large lenders conducted July 17, 2019 and the effect on monthly payments for a $165,000 loan:
| Breakdown | 30-year fixed | 15-year fixed | 5-year ARM |
|---|---|---|---|
| This week’s rate: | 4.05% | 3.34% | 3.89% |
| Change from last week: | +0.08 | +0.04 | -0.01 |
| Monthly payment: | $792.50 | $1,166.63 | $777.31 |
| Change from last week: | +$7.62 | +$3.21 | -$0.94 |
Mortgage applications slide again
Mortgage activity is down again as mortgage rates inch up. Total loan applications fell 1.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s applications survey for the week ending July 12.
Although refinance activity jumped 2 percent over the previous week, purchase applications slumped as potential homebuyers took a seat on the sidelines.
“Coming out of the July 4th holiday, applications were lower overall, with purchase activity slipping almost 4 percent,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Refinance applications increased, with activity reaching its highest level in a month, driven mainly by FHA applications. Historically, government refinance activity lags slightly in response to rate changes.”
The “Bankrate.com National Average,” or “national survey of large lenders,” is conducted weekly. The results of this survey are quoted in our weekly articles and national media outlets. 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.
