mortgage

Mortgage rates for Oct. 27, 2011

 

 

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

Mortgage rates dipped slightly, a second tame week in a row following the volatility seen earlier in the month. The benchmark 30-year fixed mortgage rate retreated to 4.33 percent and is back in the same neighborhood where it has spent much of the last 2 months.

The average 15-year fixed mortgage barely moved for the second week in a row, inching lower to 3.57 percent. On larger loans, the jumbo 30-year fixed rate held steady at 4.89 percent.

Rates on adjustable mortgages were lower, with the hybrid 5/1 loan dropping to 3.22 percent and the hybrid 7/1 now 3.43 percent. These loans are referred to as hybrids because they have characteristics of both a fixed and adjustable rate mortgage. The interest rate is fixed for the initial period of years before becoming adjustable on an annual basis thereafter. For disciplined borrowers and those intent on being in the home for just a few years, these are attractive options because the rates are so much lower than traditional fixed rate mortgages.

To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I'm Greg McBride.

 

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