mortgage

Mortgage rates for March 7, 2013

 

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

Fixed mortgage rates were mostly unchanged ahead of the monthly jobs report, with the average rate on the benchmark 30-year fixed mortgage holding steady at 3.73 percent. Even the 15-year fixed rate mortgage that is popular for refinancing was unchanged, at 2.96 percent. But the larger, jumbo 30-year fixed mortgage rate fell for a second straight week to 4.06 percent.

Adjustable rate mortgages were mixed. The 3-year adjustable rose to 3.03 percent, the 5-year stayed at 2.68 percent, and the 7-year dipped 2.89 percent.

The movement in mortgage rates was rather tame this week as the monthly look at the labor market looms. All-in-all, the economic recovery is plugging along, with the Dow Jones Industrial Average hitting a new high, but it all boils down to jobs. Those that are working are seeing stagnant wages, so the best hope for a jump in consumer spending and a boost to the overall economy, lies in adding more jobs.

Be sure to shop around for the best mortgage terms. 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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