I'm Doug Whiteman with Bankrate.com and here is your weekly look at mortgage rates.
Stock market volatility helped bring mortgage rates down for a 4th consecutive week, moving to a 2-month low. The benchmark 30-year fixed mortgage rate retreated to 4.5 percent, the lowest since Thanksgiving, while the larger jumbo 30-year rate is now 4.54 percent.
On adjustable rate mortgages, the popular 5-year ARM slid to 3.37 percent and the 10-year ARM dipped back below the 4 percent threshold to 3.99 percent.
Some uneven economic data, particularly disappointments in the December jobs report and durable goods orders, along with a bout of stock market volatility, have brought long-term bond yields and mortgage rates lower. This comes despite the ongoing tapering of bond purchases by the Federal Reserve. Eventually, an improving economy and continued Fed tapering are expected to push mortgage rates higher.
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 Doug Whiteman.