Mortgage rates moved slightly this week, as mortgage rates continue to see-saw up and down as worries over European debt issues take turns intensifying - then easing - each day.
The 30-year fixed-rate mortgage rose 2 basis points to 4.25 percent. The 15-year fixed-rate also inched up 2 basis points to 3.5 percent. The average rate for 30-year jumbo mortgages fell 5 basis points to 4.76 percent.
Any time worries intensify it's good news for mortgage shoppers as global investors flock to safe haven U.S. Treasury securities, pushing bond yields lower. Mortgage rates are closely related to the yields on long-term government bonds.
With the likelihood of an imminent U.S. recession dismissed, Europe will continue to be the focus of financial markets and be the key driver of mortgage rates in the weeks ahead.
If you're in the market for a mortgage ... the first place you should start your search for the best rates is right here at Bankrate.com. I'm Kristin Arnold.