I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates dipped further this week and remain at, or near, record lows on a variety of both fixed and adjustable rate mortgage products. The benchmark 30-year fixed mortgage rate is a tick lower at 4.45 percent -close to the record low of 4.42 percent established late last year.
The 15-year fixed rate mortgage that is a popular choice when refinancing because it can save years of payments, hit a new low of 3.58 percent. On larger jumbo mortgages, the average 30-year fixed rate fell below 5 percent for the first time, landing at 4.89 percent.
Adjustable rate mortgages saw the biggest decreases, with the average 5-year adjustable rate dropping to 3.15 percent while the 10-year adjustable is 3.83 percent.
The difference between those adjustable rates and that for a fixed rate loan is significant. For homeowners that are unsure where they'll be in another 10 years, the 10-year adjustable offers an average rate of 3.83 percent that is fixed for a decade before becoming adjustable. However, this option is best used by savvy homeowners as a way to maximize their cash flow and not as a crutch of affordability.
Whether you're buying a home or refinancing your mortgage, its important to shop around for the best deal. To find the lowest mortgage rates in your area, be sure to go to Bankrate.com.
I'm Greg McBride.