Bankrate Inc (NYSE:RATE)’s mortgage rates not greatly changed

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Dallas, Texas 09/13/2013 (Financialstrend) – Bankrate Inc (NYSE:RATE) is a publisher, distributor and aggregator of personal-finance content on the Web. There was no marked movement in mortgage rates this past week. AS per Bankrate.com’s national survey for the week, the benchmark 30-year fixed-rate inched downwards to 4.71%.The average 30-year fixed-mortgage has the average of 0.33 origination and discount points.

The average 15-year fixed-mortgage edged upwards to 3.75 percent, while the bigger jumbo 30-year fixed mortgage-rate moved up to 4.89 percent. The adjustable-rate mortgages were more mixed. The 3-year adjustable rate dipped to 3.72%, the 5-year ARM remained unaltered at 3.65% and the 10-year ARM rose to 4.30 percent.

Fed tapering

The increase in mortgage-rates over the past few months has been in expectation of the Fed’s tapering. The FOMC meeting is right round the corner and its wait-and-watch for mortgage rates. Whether the tapering actually takes place this month or not is more of a game time decision. Nevertheless, it will take place at one point or the other. If it does not take place this month, an October start speculation is bound to begin.

On 1 May, the average 30-year fixed-mortgage rate stood at 3.52%. At that point of time, a loan of $200,000 would have had a $900.32 monthly payment. With the average rate presently at 4.71%, the monthly-payment for the same size of loan would amount to $1,038.48. That is a difference of $138/month for any person who waited too long.

Thursday trading

In Thursday’s trading, Bankrate Inc (NYSE:RATE) dipped by 1.33%. The company’s shares opened at a price of $17.99, climbed up to an intraday high of $18.16 and dropped to close at $17.78. Approximately 0.250 million RATE shares were traded on Thursday and the average-volume of shares traded over a period of 30 days was 0.481 million. The company has a market capitalization of $1.80 billion.

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