I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates climbed to 4-month highs this week. With the stock market rallying after a deal was reached to avert the fiscal cliff, the benchmark 30-year fixed mortgage rate jumped to 3.67 percent, the highest since September. The 15-year fixed mortgage rate was up modestly, to 2.92 percent, but this is also the highest since September.
Adjustable mortgage rates just inched higher, with the 5-year ARM nosing up to 2.77 percent and the 7-year ARM ticking higher to 2.93 percent.
All the euphoria in the immediate aftermath of the fiscal cliff deal seems bound to give way to renewed concerns as we draw closer to the debt ceiling deadline. With a contentious debate expected on raising the debt ceiling and much wrangling over spending cuts, the nervousness and uncertainty that is sure to develop will likely help bring mortgage rates lower during the first quarter of this year.
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.