I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
This week, mortgage rates increased but it was enough to push rates to a 1-month high. The benchmark 30-year fixed mortgage rate climbed to 4.16 percent while the 15-year fixed mortgage rate rebounded to 3.38 percent. The larger jumbo 30-year fixed rate mortgage was up for a second consecutive week to 4.65 percent.
Adjustable rate mortgages were mixed, with the 1-year and 10-year adjustables both sliding while the 3-year, 5-year, and 7-year ARMs each increased.
Mortgage rates crept higher this week due to both better U.S. economic news and the latest bailout of Greece. But a Greek debt default has only been delayed, not averted, and fears about the ramifications of Europe's debt crisis seem sure to resurface soon. When that happens, expect mortgage rates to pull back.
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.