mortgage

Mortgage rates for Sept. 29, 2011

 

 

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

After falling in each of the past 8 weeks and setting new record lows for 5 consecutive weeks, mortgage rates were higher this week. The benchmark 30-year fixed rate mortgage is now 4.3 percent, up just a touch from 4.29 percent last week. The larger jumbo 30-year fixed rate inched higher, to 4.87 percent and the 15-year fixed that is popular for refinancing climbed to 3.47 percent.

Adjustable mortgages were mixed, with the 1-year and 3-year adjustables sliding while the 5-year, 7-year, and 10-year rates increased.

Optimism that Europe can avoid a full-blown financial meltdown gave markets a boost, and that resulted in mortgage rates moving up. But with the backdrop of a weak U.S. economy, slower growth around the globe, and the Federal Reserve reinvesting in mortgage-backed bonds, mortgage rates are destined to stay low in the months ahead.

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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