I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
This week brought yet another move to record lows for mortgage rates. The record lows were seen on several fixed and adjustable-rate products. The benchmark conforming 30-year fixed mortgage rate fell to 4.12 percent, while the 15-year fixed mortgage that is popular for refinancing dropped to 3.34 percent. On larger jumbo loans, the average 30-year fixed rate retreated to 4.55 percent.
Although mortgage borrowers are shying away from adjustable rate products, there is some compelling value for those that don't plan to be in the home longer than 10 years. The average rates for 5/1, 7/1, and 10/1 ARMs - these are products that offer a fixed rate for 5, 7, or 10 years before becoming adjustable each year thereafter - each hit new record lows. The average rates now clock in at 3.02 percent, 3.24 percent, and 3.66 percent, respectively.
Homebuyers and refinancers can thank Ben Bernanke and the Federal Reserve for this most recent drop in mortgage rates. The pledge to keep short-term interest rates on hold until late 2014 was the catalyst for this week's move and will also help keep a lid on mortgage rates for the foreseeable future.
With mortgage rates at record lows, there is no better time to start shopping around. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.
I'm Greg McBride.