I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates fell to a 5-month low, as concerns about slower economic growth pushed mortgage rates lower for a 4th consecutive week. The average 30-year fixed mortgage rate is now 4.88 percent, the lowest since December 1 of last year.
On other products, the average 15-year fixed rate is now 4.05 percent and the average rate on larger jumbo 30-year fixed rate mortgages is down to 5.36 percent.
A weak reading on first quarter economic growth, an uptick in filings for unemployment, and worries that higher gasoline prices have started to take a bite out of consumer spending, had investors moving back into what is known as the safe-haven trade. Essentially, when investors get nervous they rotate into safe haven government bonds, to which mortgage rates are closely related. The downswing in government bond yields had a corresponding benefit on mortgage rates.
Regardless of which way mortgage rates are moving, 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.