Mortgage rates continue to decline

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Mortgage rates continued to decline this week, with the benchmark 30-year fixed mortgage rate slipping to 3.83 percent, according to's weekly national survey. The 30-year fixed mortgage has an average of 0.17 discount and origination points.

The larger jumbo 30-year fixed dropped to 3.76 percent, and the average 15-year fixed mortgage retreated to 3.09 percent. Adjustable mortgage rates were on the downswing also, with the 5-year ARM sliding to 3.28 percent and the 7-year ARM dipping to 3.45 percent.   

Mortgage rates pulled back sharply following weak consumer spending figures and a speech by Fed Chair Janet Yellenthat took a very cautious tone about further interest rate increases. The prospect of short term interest rates remaining lower for longer helped bring long term interest rates lower as well. Longer term rates, such as the 10-year Treasury note yield to which mortgage rates are closely related, are a reflection of where interest rates are expected to be in the future. The Fed's tentative approach to interest rates is outweighing the recent uptick in inflation indicators and otherwise solid economic fundamentals, putting a downward influence on mortgage rates.

At the current average 30-year fixed mortgage rate of 3.83 percent, the monthly payment for a$200,000loan is$935.33. 


30-year fixed: 3.83% -- down from 3.90% last week (avg. points: 0.17)

15-year fixed: 3.09% -- down from 3.13% last week (avg. points: 0.13)

5/1 ARM: 3.28% -- down from 3.36% last week (avg. points: 0.20)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week's move in mortgage rates, go to