I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Market turmoil, a weak economy and the Federal Reserve's pledge to keep short-term interest rates unchanged for another 2 years were enough to push mortgage rates to new lows. Mortgage rates were down sharply for the second consecutive week, with many products either setting, or resetting, record lows. The benchmark 30-year fixed mortgage rate got close to record territory, but not quite, dropping to 4.46 percent. The record low established last Fall is 4.42 percent.
The 15-year fixed mortgage rate reset the low point at 3.61 percent, while the jumbo 30-year fixed rate mortgage established a new low of 5.02 percent.
A couple of adjustable rate mortgage products also set records. The 7-year adjustable is now 3.45 percent and the 10-year adjustable dipped below 4 percent for the first time ever, settling at 3.93 percent.
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.