I'm Doug Whiteman with Bankrate.com, and here is your weekly look at mortgage rates.
Mortgage rates pulled back slightly in the lead-up to the Federal Reserve meeting, with the benchmark 30-year fixed mortgage rate retreating to 4.46 percent, unwinding most of last week's increase. The larger jumbo 30-year fixed rate is also at 4.46 percent, meaning that on average, borrowers do not pay a penalty in the form of a higher rate when taking a larger, non-government-guaranteed loan.
Adjustable-rate mortgages were also lower, reversing course from one week ago. The popular five-year ARM decreased to 3.26 percent, while the seven-year ARM fell to 3.54 percent.
The mostly static nature of mortgage rates in recent weeks owes to not much new regarding the economy and the lead-up to Janet Yellen's first FOMC meeting as Chair of the Federal Reserve. With the Fed maintaining the taper and pledging to hold short-term interest rates at record lows, there were no bombshells in Yellen's initial meeting at the helm of the Fed. While investors are reading into a slightly earlier timetable for Fed rate hikes, Yellen assured observers the Fed had not changed its policy.
Regardless of where rates are, or which direction they may be moving, it is always important 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 Doug Whiteman.