I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates reversed course, breaking a 9-week streak of declines and landing back, more or less, where they were the last week of May.
The average 30-year fixed mortgage rate increased to 4.71 percent and for larger jumbo loans, the average 30-year fixed rate bumped up to 5.2 percent. Adjustable rate mortgages were higher also, with the average 5-year ARM rising to 3.4 percent.
The rebound in mortgage rates wasn't because the economic news got any better. It just didn't get any worse. And the release of producer and consumer price measures for the month of May show inflation isn't going away despite lower commodity prices. This will likely put a floor under mortgage rates, pending evidence of further economic weakening.
Whether mortgage rates are headed up or down, 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.