I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates continue to hover near the low point of the year. This week the average 30-year fixed mortgage rate inched lower to 4.68 percent and the 15-year fixed rate held steady at 3.82 percent. On larger jumbo loans, the average 30-year fixed rate is now 5.17 percent.
Adjustable rate mortgages were lower as well. The average 5-year adjustable rate is now 3.36 percent and for a rate that is fixed for the first 7 years, the average is 3.64 percent.
The weak economy has helped keep mortgage rates low. But the ongoing debt ceiling debate and prospect of a U.S. credit rating downgrade are worth paying attention to. In the event of either a U.S. debt default or just a downgrade, mortgage rates would rise sharply in response.
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.