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Mortgage rates for Feb. 16, 2012

 

 

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

The benchmark 30-year fixed mortgage rate fell to a new low of 4.1 percent, the second record in the last 3 weeks. But mortgage rates didn't move a whole lot and aside from the 30-year fixed, results were mixed. The 15-year fixed mortgage popular for refinancing inched lower to 3.35 percent, but is just shy of the record low established two weeks ago.

On larger jumbo mortgages, the average 30-year fixed rate nosed higher from last week's record low to 4.56 percent. Adjustable rate mortgages were mostly lower, with the 3-year ARM hitting a record of 3.23 percent while the 10-year adjustable ticked higher to 3.66 percent.

Mortgage rates remain in a familiar holding pattern, with subtle fluctuations week-to-week. Despite the better footing on which the U.S. economy currently rests, the unfolding developments with the European debt crisis continue to keep mortgage rates in check.

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 Greg McBride.

 

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Mortgage Overnight Averages
Product Rate +/- Last week
30 yr fixed mtg
3.77% 3.60%
15 yr fixed mtg
2.88% 2.74%
5/1 ARM
2.66% 2.54%
30 yr fixed mtg refi
3.76% 3.58%
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