I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates fell to a 4-week low, despite a negative credit outlook on U.S. government debt. Rates fell as there were plenty of reasons to be nervous about a slower economy, whether its pressure to dial back on government stimulus or the continued rise in oil prices.
The average rate on the benchmark 30-year fixed mortgage is once again below the 5 percent mark at 4.96 percent. On larger jumbo mortgages, the average rate hit the low point for the year at 5.44 percent.
And rates on adjustable mortgages dropped too. A 5-year adjustable which is fixed for the first five years before changing every year thereafter is now 3.7 percent. This is a significant difference in rate for a savvy, disciplined borrower that only expects to be in the home for a handful of years.
Its important to shop around for the lowest mortgage rates as the savings really adds up over time. To check mortgage rates in your area, be sure to go to Bankrate.com.
I'm Greg McBride.