I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at mortgage rates.
The record lows for mortgage rates continue. A dismal jobs report brought mortgage rates down for a 6th consecutive week, with the average 30-year fixed mortgage rate setting a new record low of 4.35 percent. On larger jumbo loans, the average is a record 4.86 percent, and the 15-year fixed mortgage held at 3.48 percent.
On adjustable rate mortgages, results were mixed. The average 5/1 adjustable ticked up to 3.1 percent, while the 7/1 and 10/1 both hit new lows, at 3.21 percent and 3.77 percent, respectively. These options are attractive for borrowers not expecting to be in the home longer than 10 years.
Record low mortgage rates aren't new, but many would-be borrowers remain on the sidelines. Prospective homebuyers are hesitant given the weak economy and the pool of potential refinancers is further limited by borrowers that are severely upside-down. Expanding the pool of eligible refinancers would make these low mortgage rates more impactful on the economy.
To find the lowest mortgage rates in your area, use the free search at Bankrate.com.
I'm Greg McBride.