I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates were little changed this week as the push and pull of unrest in the Middle Least, spiking oil prices, and a pickup in job growth balanced each other out.
Both 30-year fixed and 15-year fixed rates were a touch higher. The average 30-year fixed mortgage rate is now 5.04% and the average 15-year fixed is 4.32%. On larger mortgages, the average jumbo 30-year fixed rate settled slightly lower at 5.58%.
Signs of economic strengthening, such as the February jobs report, lead to higher mortgage rates while concerns about economic weakness -- like those brought about from higher oil prices – tend to bring mortgage rates lower. This week, they balanced out but the tug of war is likely to persist in the weeks ahead.
Since mortgage rates can often move wildly in a short period of time, its important to be shopping around for the best deal. To check mortgage rates in your area, be sure to go to Bankrate.com. I'm Greg McBride.