mortgage

Mortgage rates for Jan. 16, 2014

 

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

The disappointing December jobs report sent mortgage rates down for a second consecutive week. Both fixed rate and adjustable rate mortgages were broadly lower.

The benchmark 30-year fixed mortgage rate retreated to 4.57 percent, the lowest level in a month. Similarly, both the 15-year fixed rate and the larger jumbo 30-year rate fell, dropping to 3.62 percent and 4.65 percent, respectively.

On adjustable rate mortgages, the popular five-year ARM pulled back to 3.4 percent and the seven-year ARM was down to 3.75 percent. Both are the lowest since mid-December.

Is there more economic weakness and declining mortgage rates to come, or was the jobs report an anomaly? Time will tell, but the recent pullback in mortgage rates represents an opportunity for borrowers that are within their closing windows to lock their rates at lower levels than were seen just a couple weeks ago.

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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