I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
For a sixth consecutive week, mortgage rates moved lower. The average 30-year fixed rate mortgage, the overwhelming choice of borrowers, is now 4.77 percent. Like last week and the week before, this is the lowest since December 1st of last year.
On shorter term loans, rates are even lower. The average 15-year fixed rate loan, which is often used when refinancing, retreated to 3.95 percent, the lowest since November.
If you prefer adjustable rate mortgages, well those inched lower as well, resetting record lows. The average 5/1 adjustable is now 3.48 percent, a rate that is fixed for five years before becoming adjustable each year thereafter.
Loss of momentum in the economic recovery, and worries that the economy could slow further once the Fed stops pumping money into the markets via bond purchases, has investors nervous. And nervous investors are usually good news for mortgage shoppers, helping keep rates at historic lows and within striking distance of the all-time lows that were established last Fall.
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.