NEW YORK, Feb. 11, 2016 /PRNewswire/ — Mortgage rates declined for the sixth consecutive week, with the benchmark 30-year fixed mortgage sliding to 3.78 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.20 discount and origination points.
Rates are falling agin today closer to 3.69 percent according to the the latest Bankrate chart.
The larger jumbo 30-year fixed hit a new record low at 3.68 percent, while the average 15-year fixed mortgage dipped to 3.06 percent. Adjustable mortgage rates were lower as well, with the 5-year and 7-year ARMs sliding to 3.18 percent and 3.36 percent, respectively.
Mortgage rates continue to plummet this week, following a renewed sense of uncertainty in the global economy. This has benefited mortgage shoppers and has benefited homeowners interested in refinancing. According to the Mortgage Bankers Association, there was a 16% increase in refinances last week; a number that is sure to grow over the next seven days.
At the current average 30-year fixed mortgage rate of 3.88 percent, the monthly payment for a $200,000 loan is $929.64.