Mortgages drift down after a stormy rise

By Polyana da Costa •
Mortgage rates eased this week, but they are still significantly higher than the rates homebuyers and refinancers got used to seeing before the recent spike.
30 year fixed rate mortgage  3 month trend
30 year fixed rate mortgage – 3 month trend
The benchmark 30-year fixed-rate mortgage fell to 4.48 percent, compared with 4.61 percent last week, according to the national survey of large lenders. The mortgages in this week's survey had an average total of 0.29 discount and origination points. One year ago, that rate stood at 3.87 percent. Four weeks ago, it was 4.1 percent.The benchmark rate on the 30-year fixed was 3.52 percent May 1 -- so it is still almost 1 percentage point higher than it was two months ago.The benchmark 15-year fixed-rate mortgage fell to 3.62 percent this week, compared with 3.73 percent last week. The benchmark 5/1 adjustable-rate mortgage rose to 3.48 percent from 3.45 percent. The benchmark 30-year fixed-rate jumbo mortgage fell to 4.66 percent from 4.75 percent.

Weekly national mortgage survey

Results of Bankrate July 2, 2013, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed15-year fixed5-year ARMThis week's rate:4.48%3.62%3.48%Change from last week:-0.13-0.11+0.03Monthly payment:$834.07$1,189.30$739.08Change from last week:-$12.78-$8.98+$2.75

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Phone: 480-999-2338
Dated: July 7th 2013
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