mortgage

Mortgage Rates for May 12, 2011

 

 

I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.

For a fifth consecutive week, mortgage rates moved lower and remain at the lowest point in more than 5 months. The average 30-year fixed mortgage rate is now 4.82 percent, and the 15-year fixed rate settled at the 4 percent mark.

On other products, the average jumbo 30-year fixed rate retreated to 5.26 percent. And the many hybrid adjustable mortgages - such as the 5/1 adjustable - reached new lows. The average 5/1 ARM rate is 3.52 percent, a rate that is fixed for the first five years before adjusting each year thereafter.

A spike in weekly filings for unemployment and a perceived loss of economic momentum have helped in bringing mortgage rates lower. Not even a better-than-expected report on job growth could alter the trajectory. Both fixed and adjustable mortgage rates remain at some of the lowest levels ever recorded.

Whether you're buying a home or refinancing an existing mortgage, 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.

 

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