NH Mortgage Rates Hold Steady

Rates for most mortgage loans fell this week, but not the average conforming 30-year fixed rate, which remained at 5.15%, according to Bankrate.com’s weekly national survey.

The average 15-year fixed mortgage slipped to 4.52% and the larger jumbo loan 30-year fixed rate fell below the 6% mark, to 5.95%, Bankrate.com data shows.

“Economic and financial market jitters continue to hold mortgage rates in check, with little movement in recent weeks,” the company said in its weekly analysis. “Should worries about Greece and other European markets abate, both Treasury yields and mortgage rates will rebound somewhat. Mortgage rates are closely related to yields on long-term government debt.”

The last time mortgage rates were above 6% was Nov. 2008. At that time, the average rate was 6.33%, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 5.15%, the monthly payment for the same size loan would be $1,092.05, a savings of $150 per month for a homeowner refinancing now.

ARM rates

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19% this week, with an average 0.6 point, down from last week when it averaged 4.27%, according to mortage giant Freddie Mac’s Primary Mortgage Market Survey®. A year ago, the 5-year ARM averaged 5.23%.

The 1-year Treasury-indexed ARM averaged 4.33% this week, with an average 0.6 point, up from last week when it averaged 4.22%. At this time last year, the 1-year ARM averaged 4.94%, Freddie Mac data shows.

Source: Bankrate.com and Freddie Mac