mortgage

Mortgage rates for Jan. 2 2014

 

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

Mortgage rates increased for a third consecutive week, finishing 2013 more than a full percentage point higher than where they began. The benchmark 30-year fixed mortgage rate is now 4.69 percent, up from 3.58 percent in January.

The 15-year fixed-rate mortgage was up modestly, to 3.73 percent. The larger jumbo 30-year fixed mortgage rate climbed to 4.72 percent.

Adjustable-rate mortgages were higher this week also. The popular five-year adjustable jumped to 3.52 percent, while the seven-year adjustable is now 3.88 percent.

While both fixed and adjustable mortgage rates are still below September's high point of the year, they did finish 2013 near the upper end of this year's range.

Whether mortgage rates are rising or falling, always be sure to shop around for the best mortgage terms. 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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