NEW YORK--(BUSINESS WIRE)--Dec. 5, 2002--Mortgage rates continue to grind higher, rising for the third consecutive week, according to the Bankrate.com national survey of large lenders. The benchmark 30-year fixed-rate mortgage rose 6 basis points to 6.25 percent, and the 15-year fixed mortgage, popular for refinancing, climbed 2 basis points to 5.66 percent. One-year adjustable rate mortgages also moved higher by 5 basis points to 4.48 percent. A basis point is one-hundredth of 1 percentage point. The 30-year mortgages in this week's survey had an average total of 0.39 discount and origination points.
Friday's unemployment report, specifically the payrolls component, will be key to what happens with mortgage rates in the coming week, says Bankrate senior financial analyst Greg McBride. The payroll report will also frame the Federal Reserve Board's view on the economy for its meeting on Tuesday. Skeptics abound, so a move higher may take a holiday break. But a preponderance of the economic evidence is pointing to higher mortgage rates going into 2003.
The rising rates over the past three weeks mean modestly higher payments for those borrowers who hadn't previously locked their rate. Three weeks ago, when the average 30-year fixed mortgage rate was at a record-low 6 percent, the monthly payment for a $150,000 loan was $899.33. The monthly payment now would be $923.58, a difference of $24.25 per month or more than $8,700 over a 30-year term.
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates
To read our Rate Trend Index panel's prediction for mortgages, go to http://www.bankrate.com/RTI
SURVEY RESULTS
30-year fixed: 6.25% - up from 6.19% last week (avg. points: 0.39)
15-year fixed: 5.66% - up from 5.64% last week (avg. points: 0.41)
1-year ARM: 4.48% - up from 4.43% last week (avg. points: 0.34)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
About Bankrate Inc.
Bankrate Inc. (OTCBB:RATE) owns and operates Bankrate.com, the Internet's leading consumer banking marketplace. Bankrate.com averages 3.3 million unique visitors per month, according to comScore Media Metrix, which ranks Bankrate.com first in unique visitors in the Financial information and advice category. Bankrate.com reviews more than 4,800 financial institutions in 173 markets in 50 states. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes and small business finance. It is the leading aggregator of over 100 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees.
Bankrate.com provides financial applications and information to a network of more than 80 partners including MSN (Nasdaq:MSFT), Yahoo! (Nasdaq:YHOO), America Online (NYSE:AOL), and Smart Money. Bankrate.com's information is also distributed through more than 100 national and state publications.
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