I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates plunged to a 9-month low because of renewed economic worries. A barrage of poor economic data called the sustainability of the economic recovery into question, and helped pull mortgage rates lower. With the debt ceiling drama out of the way, we're back to worrying about the economy as we have for much of the past 3 years.
The average 30-year fixed mortgage rate hit the lowest point since last November, at 4.54 percent. On shorter 15-year fixed loans, the average rate established a new low of 3.68 percent. And for a 7-year adjustable, the average rate is just 3.52 percent.
These lower mortgage rates add even greater urgency to refinancing for borrowers who may be caught by lower government loan limits that take effect October 1st. Borrowers with loan balances that will fall outside the new, lower limits must close by September 30th in order to qualify for the favorable rates and less stringent equity requirements of government-backed status.
Whether you're buying a home or refinancing your mortgage, it's 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.