By Janna Herron • Bankrate.com
Mortgage rates mostly didn’t budge this week as the lending industry continues to adjust to new disclosure forms implemented less than 3 weeks ago.
“Rates are stable on the lower side,” says Pava Leyrer, chief operating officer of Northern Mortgage Services in Grand Rapids, Michigan. “And I think those lenders who were prepared for these disclosure form changes and explained it to real estate agents and buyers are now seeing a larger uptick in business because a lot of people are nervous about what’s going on. No one wants to risk a delay.”
The benchmark 30-year fixed-rate mortgage remained unchanged at 3.93%, according to the Bankrate.com national survey of large lenders. One year ago, that rate was 4.01%. Four weeks ago, it was 4.06%. The mortgages in this week’s survey had an average total of 0.2 discount and origination points. Over the past 52 weeks, the 30-year fixed has averaged 3.99%. This week’s rate is 0.06 percentage points lower than that 52-week average.
The benchmark 15-year fixed-rate mortgage fell to 3.11% from 3.14%.
The benchmark 5/1 adjustable-rate mortgage remained at 3.18%.
The benchmark 30-year fixed-rate jumbo fell to 3.87% from 3.88%.
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