(Voice of Bankrate.com reporter, Kristin Arnold talking) Mortgage rates continue their eight week slide, hitting new lows for 2011. The average rate on a 30-year fixed-rate mortgage inched downward to 4.65 percent ... dropping four basis points. The popular 15-year fixed-rate mortgage also fell 9 basis points to 3.79 percent. Another fixed-rate product, the 30-year jumbo mortgage, averaged 5.19 percent, actually going up 3 basis points. With continued reports on a barely recovering job market and ongoing weakness in the housing market ... even with record low mortgages rates -- people just don't feel confident enough to buy or simply can't. Federal Reserve Chairman Ben Bernanke said in a speech on Tuesday that the economic recovery appears to be continuing at a moderate pace, but "at a rate that is both uneven across sectors and frustratingly slow from a perspective of millions of unemployed and underemployed workers."
Of course, if the time and price is right for you -- your smartest move is to shop for the best mortgages rates by visiting Bankrate.com. I'm Kristin Arnold.
A first-time homebuyer's inexperience can cause some costly mistakes.
Mortgage rates increased for the sixth week in a row.
Mortgage rates rose for the fifth week in a row.
Mortgage rates jumped to the highest levels in more than a year.
Mortgage rates rose to the highest point since last March.
Shopping for insurance? Follow these tips from top experts in the insurance field.
Follow these tips to avoid spending all of your hard-earned cash on your trip.
Changing your habits can save you money on your utility bill.
Investing can be intimidating, but getting started with a Roth IRA shouldn't be.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
Feeling lost in the mortgage wilderness?