Mortgage rates mostly unchanged this weekStaff Writer | October 28, 2016
Mortgage rates held steady this week with the benchmark 30-year fixed mortgage rate remaining at 3.64 percent, according to Bankrate.com's weekly national survey.
Bankrate The larger jumbo 30-year fixed inched rose to 3.67 percent
The larger jumbo 30-year fixed inched rose to 3.67 percent, while the average 15-year fixed mortgage rate remained at 2.93 percent.
Adjustable mortgage rates were mixed this week, with the 5-year ARM inching higher to 3.11 percent and the 7-year ARM slipping to 3.28 percent.
Mortgage rates were at a relative standstill this week, as investors awaited the outcome of the Nov. 2 Federal Reserve policy meeting and the result of the Nov. 8 elections.
There is little doubt about the outcome of the presidential election, but investors are uncertain about which party will control the Senate and maybe even the House.
Investors seem fairly sure that the central bank will keep its target for short-term interest rates unchanged at the November 2 meeting, but they believe that a rate hike at the December 14 meeting is fairly likely. In this case, mortgage rates might move in the same direction as the federal funds rate - upward toward the end of the year.
At the current average 30-year fixed mortgage rate of 3.64 percent, the monthly payment for a $200,000 loan is $913.79. ■