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Thursday, March 31, 2011

Mortgage Rates a bit higher this week: Bankrate

The benchmark 30-year fixed-rate mortgage rose 5 basis points this week, to 5.01 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.41 discount and origination points. One year ago, the mortgage index was 5.23 percent; four weeks ago, it was 5.03 percent.
The benchmark 15-year fixed-rate mortgage rose 9 basis points, to 4.25 percent. The benchmark 5/1 adjustable-rate mortgage rose 11 basis points, to 3.89 percent.
The rate rise seemed to run counter to the less-than-stellar economic trends, which normally would have triggered lower, not higher rates, says Michael Becker, a mortgage broker at Happy Mortgage in Lutherville, Md.

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