NEW YORK, Oct. 2, 2014 /PRNewswire/ -- Mortgage rates fell slightly over the past week, according to Bankrate.com's (NYSE: RATE) weekly national survey. The benchmark 30-year fixed mortgage rate dropped to 4.27% and the 15-year fixed rate declined to 3.44%.

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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

The jumbo 30-year fixed mortgage rate and the 5-year ARM were lower as well, to 4.29% and 3.29%, respectively.

Mortgage rates slipped for a second consecutive week as worries about global economic growth mounted. Adding further uncertainty to financial markets were the pro-Democracy protests in Hong Kong. The nervousness of investors - regardless of the cause - helped bring bond yields and mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds.

As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69%. At that time, a $200,000 loan carried a monthly payment of $1,036. Mortgage rates have moved lower thus far in 2014, and with the average rate now 4.27%, the monthly payment for the same size loan would be $986, a savings of $50 per month for anyone that waited.

SURVEY RESULTS

30-year fixed: 4.27% -- down from 4.30% last week (avg. points: 0.21)

15-year fixed: 3.44% -- down from 3.46% last week (avg. points: 0.16)

5/1 ARM: 3.29% -- down from 3.32% last week (avg. points: 0.13)

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.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Half of the panelists expect mortgage rates to fall, 42% believe rates will remain more or less unchanged and only eight percent say they will rise.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx

To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0, go to https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.

About Bankrate, Inc.

Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, CreditCards.com and InsuranceQuotes.com, our flagship websites, and other owned and operated personal finance websites, including Caring.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, Nationwide Card Services, CarInsuranceQuotes.com, InsureMe, CreditCards.ca, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of nearly 600 local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct rate tables capturing on average over three million pieces of information daily. Bankrate develops and provides web services to over 80 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.

For more information, contact:

Ted Rossman
Public Relations Manager
ted.rossman@bankrate.com
(917) 368-8635

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SOURCE Bankrate, Inc.