Mortgage rates have declined for three consecutive weeks with the average 30-year fixed-rate mortgage slipping six basis points, but remaining above the 5-perfcent threshold, dropping to 5.03 percent.
Other rates followed a similar pattern. The 15-year fixed rate mortgage averaged 4.31 percent, also a drop of six basis points, according to Bankrate's national survey.
The typical 30-year jumbo mortgage, which generally applies to mortgages of $417,000 or more, was 5.60 percent, off seven basis points from last week.
The largest drop was in the adjustable mortgage market, where the 5/1 ARM slipped eight basis points, to 3.85 percent. With a 5/1 ARM, the rate is fixed for five years, after which it is adjusted annually.
The combination of ongoing unrest in the Middle East, oil prices flirting with $100 per barrel, and an unexpected downward revision to fourth quarter economic growth pose risk to the economic recovery.
As always you can shop for the best mortgage rates by visiting Bankrate.com. I’m Lucas Wysocki.