Markets are usually quiet leading up to and immediately following Thanksgiving, and mortgage rates this year were no different. Rates were flat over the past week, holding steady through the holiday and remaining near their lowest levels in more than a month.
However, a return to recent volatility may be on the horizon. The coming weeks will be telling for rates and for the economy overall. International trade tensions — which have loomed over the U.S. economy and increased uncertainty surrounding the global economy’s ability to maintain growth — could get some resolution after next week’s G-20 Summit, as the U.S. and China appear poised to consider a trade deal.
What’s more, recent comments made by Federal Reserve officials, including Chairman Jerome Powell on Wednesday, suggest a less predictable path of monetary policy by 2019. Stock markets reacted strongly to Chairman Powell’s comments, and mortgage rates could see a sharp increase in the immediate aftermath.
Those factors could be compounded on Thursday with the release of inflation data, to which markets will be paying close attention. Price levels have remained in check despite a tight labor market and strong economic growth — usually indicators of growing inflation. If this trend continues, and price growth remains lower than expected, a move to fewer rate hikes would appear more likely.
- The benchmark 30-year fixed mortgage rate held steady at 5.01 percent, according to Bankrate.com’s latest weekly survey of the nation’s largest mortgage lenders.
- Mortgage applications jumped 5.5 percent from one week earlier, according to the Mortgage Bankers Association’s weekly survey
- After six straight months of declines, existing-home sales rose by 1.4 percent in October over the previous month, according to data from the National Association of Realtors.
Mortgage rates this week
The benchmark 30-year fixed-rate mortgage stayed flat at 5.01 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 4.04 percent. Four weeks ago, the rate was 5.06 percent. The 30-year fixed-rate average for this week is 0.09 percentage points below the 52-week high of 5.10 percent and is 0.93 percentage points higher than the 52-week low of 4.08 percent.
The 30-year fixed mortgages in this week’s survey had an average total of 0.33 discount and origination points.
Over the past 52 weeks, the 30-year fixed has averaged 4.65 percent. This week’s rate is 0.36 percentage points higher than the 52-week average.
- The 15-year fixed-rate mortgage fell to 4.40 percent from 4.41 percent.
- The 5/1 adjustable-rate mortgage fell to 4.40 percent from 4.42 percent.
- The 30-year fixed-rate jumbo mortgage was flat at 4.90 percent.
At the current 30-year fixed rate, you’ll pay $537.43 each month for every $100,000 you borrow, unchanged from last week.
At the current 15-year fixed rate, you’ll pay $759.89 each month for every $100,000 you borrow, down from $760.40 last week.
At the current 5/1 ARM rate, you’ll pay $500.76 each month for every $100,000 you borrow, down from $501.94 last week.
Results of Bankrate.com’s weekly national survey of large lenders conducted November 28, 2018 and the effect on monthly payments for a $165,000 loan:
Weekly National Mortgage Survey
The “Bankrate.com National Average,” or “national survey of large lenders,” is conducted weekly. The results of this survey are quoted in our weekly articles and national media outlets. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans, and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.