mortgage

Mortgage Rates for Aug. 25, 2011

 

 

I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.

Mortgage rates posted mixed results this week, with some rates rising and others falling. But the popular 30-year fixed rate mortgage did fall to a record low of 4.41 percent. The average 15-year fixed rate increased to 3.63 percent and the larger jumbo 30-year fixed rate bounced to 4.94 percent.

The spread between rates on the 30-year fixed and that of other products is still abnormally wide, though they have narrowed a touch in recent weeks. That difference in rates enhances the appeal of products other than the 30-year fixed for certain borrowers when refinancing.

For example, if you can handle higher monthly payments or just don't need a lower payment, a 15-year fixed becomes more attractive. If you don't plan on being in the home more than 10 years, one of the hybrid products that offers a fixed rate for 5, 7, or 10 years can make sense.

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.

 

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