I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates didn't move much, but it was enough to extend the streak of weekly declines to 7. The average 30-year fixed mortgage rate is now 4.75 percent, which along with the 15-year fixed rate at 3.93 percent, are at the lowest levels since late last year.
Nervousness about European debt issues and slower economic growth, both in the US and abroad, has driven investors into safe haven investments. When this happens, it is good news for mortgage rates.
Super-low mortgage rates mean the window of refinancing opportunity is wide open, particularly for homeowners that missed the record lows last fall. If you've been procrastinating, now is the time to get busy as the second half of the year brings new loan limits on federally-backed loans that will make it more difficult for some to refinance at favorable rates later.
To get the best deal on a mortgage, its important to shop around. To find the lowest mortgage rates in your area, be sure to go to Bankrate.com.
I'm Greg McBride.