I'm Kristin Arnold with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates moved slightly higher this week, both for fixed and adjustable rate loans. The average rates for both the benchmark 30-year fixed mortgage and the 15-year fixed mortgage inched up from last week's record lows to 4.14 percent and 3.36 percent, respectively. The larger jumbo 30-year fixed rate held at the record low of 4.55 percent.
Adjustable mortgage rates were mostly higher, with the 5-year and 7-year ARMs rising to 3.05 percent and 3.27 percent, respectively. The exception was the 10-year ARM, which slid to a new record low of 3.65 percent.
The slight increase in mortgage rates could have been worse considering the much-improved picture of the job market as seen in the monthly employment report. But the uncertainty surrounding the European debt crisis continues to govern the movement in mortgage rates, or the lack thereof, despite evidence of a continued rebound in the U.S. economy. The Federal Reserve's pledge to hold short-term interest rates steady until at least late 2014 is also helping keep a lid on mortgage rates.
Whether buying a home or refinancing an existing mortgage, getting the best rate means shopping around. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.
I'm Kristin Arnold.