mortgage

Mortgage rates for Feb. 7, 2013

 

I'm Doug Whiteman with your weekly look at mortgage rates. Mortgage rates inched down this week.

After a two-week rebound, the 30-year fixed-rate mortgage slipped 1 basis point to 3.76 percent.

The 15-year fixed-rate mortgage lost 3 basis points settling at 3 percent and the average rate for 30-year jumbo mortgages, was 4.17 percent, the same as last week.

The 5/1 adjustable-rate mortgage fell 2 basis points to 2.76 percent.

It's important to evaluate your payment period when you're picking between a fixed rate and an adjustable rate mortgage. If you're going to be in the home less than 5 years or intend to pay it off within that amount of time, a 5/1 ARM will have you paying less interest and you'll be out of the loan before that rate can jump. If you intend to be paying on the home for longer than the fixed period of an ARM, locking in today's ultra-low rates with a fixed-rate mortgage is probably the right choice.

To shop for the very best interest rates, check out the free search engine at Bankrate.com. I'm Doug Whiteman.

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