Mortgage rates rise again

NEW YORK, Dec. 17 /PRNewswire/ -- The average conforming 30-year fixed mortgage increased this week to 5.13 percent, according to's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.

The average 15-year fixed mortgage moved higher, to 4.53 percent while the larger jumbo 30-year fixed rate inched upward to 6.01 percent. Adjustable rate mortgages were mixed, with the average 1-year ARM falling to 5.28 percent and the 5-year ARM climbing to 4.60 percent.

Mortgage rates moved higher for a third consecutive week. But rates are still at levels that were considered record lows up until one month ago. An improving economy and a glut of government debt issuance has served to push yields on government debt higher in recent weeks. Yields on the ten-year Treasury note are currently the highest since August. Mortgage rates are closely related to yields on long-term Treasury securities.

Mortgage rates are more than one-half percentage point lower than six months ago. In mid-June, the average 30-year fixed mortgage rate was 5.76 percent, meaning a $200,000 loan would have carried a monthly payment of $1,168.42. With the average rate now 5.13 percent, the monthly payment for the same size loan would be $1,089.59, a savings of $79 per month for a homeowner refinancing now.

30-year fixed: 5.13% -- up from 5.04% last week (avg. points: 0.42)
15-year fixed: 4.53% -- up from 4.47% last week (avg. points: 0.40)
5/1 ARM: 4.60% -- up from 4.55% last week (avg. points: 0.39)

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.

See a full analysis of this week's move in mortgage rates.

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. There is no clear consensus this week, with 40 percent of respondents expecting rates to remain more or less unchanged over the next 30 to 45 days. Just one-third, 33 percent, predict that mortgage rates will keep heading higher. The remaining 27 percent forecasting a decline in mortgage rates during that timeframe.

See the full mortgage Rate Trend Index.

To see mortgage rates in your area, go here.