mortgage

Mortgage rates for March 15, 2012

 

 

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

The average rate on the benchmark 30-year fixed mortgage rate increased for a second straight week, rising to 4.15 percent. The average 15-year fixed mortgage stepped up to 3.38 percent, while the jumbo 30-year fixed mortgage jumped to a 3-month high of 4.73 percent.

Adjustable mortgage rates were mostly higher, with the average 5-year adjustable rising to 3.14 percent and the 7-year ARM climbing to 3.33 percent.

Mortgage rates increased thanks to more good news on the economy, a pat on the back from the Fed, and a Greek debt restructuring. Although the Federal Reserve is sticking with their late-2014 timetable for boosting short-term interest rates, a more upbeat tone from the Fed did not go unnoticed by investors. After talking down the economy at every opportunity in recent months, the Fed appears to have been swayed - at least a little - by the trend of improving economic data.

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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