Mortgage rates were flat this week even as concerns about inflation began to percolate. The average 30-year fixed rate mortgage remained at 6.24 percent.
According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.23 discount and origination points.
The bond market greeted all of this with a shrug, with bond yields and mortgage rates showing little fluctuation during the week. Mortgage rates are closely related to the yields on long-term government bonds.
Fixed mortgage rates are sharply lower since the Fed stopped raising interest rates. Six months ago, the average 30-year fixed mortgage rate was 6.87 percent. At the time, the monthly payment on a loan of $165,000 was $1,083.38.
With the average 30-year fixed rate now 6.24 percent, the same loan originated today would carry a monthly payment of $1,014.86. Fixed mortgage rates are a compelling refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.
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