I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates increased for the second week in a row and the third time in the last four weeks. Better economic news and an easing of concerns about a potential Greek debt default spurred this week's move, pushing mortgage rates to a 2-month high.
The average 30-year fixed rate mortgage climbed to 4.79 percent, the highest since mid-May, while the average 15-year fixed was up more modestly to 3.9 percent. Rates for adjustable mortgage products were also higher, with the 5/1 ARM rising to 3.49 percent - a rate that is fixed for the first 5 years before adjusting annually thereafter.
Mortgage rate volatility could pick up in the coming weeks as investors grapple with the state of the US economic recovery, quarterly corporate earnings, and a deadline for increasing the debt ceiling.
No matter which way mortgage rates are moving, 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.