I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
For the most part, mortgage rates inched lower this week. The average 30-year fixed mortgage rate is now 5.07 percent. On larger loans, the average jumbo 30-year fixed rate is now 5.55 percent. And the gap between fixed and adjustable rate loans continues to grow, with the average 5-year adjustable rate dipping to 3.83 percent.
The lone wolf this week was the 15-year fixed mortgage that is popular for refinancing, where the average rate was a tick higher to 4.28 percent.
The movement in mortgage rates has been tame in recent weeks. Rates have been range-bound, having remained within a one-quarter percentage point band over the past 2 months. Historically, we've seen rates do very little for an extended period of time but then move significantly in a relatively short period of time. If upcoming inflation numbers spook the markets, for example, that could be the catalyst for a sudden move.
A tiny difference in rate can mean big savings over time, so it's important to shop around for the best deal. To check mortgage rates in your area, be sure to go to Bankrate.com.
I'm Greg McBride.