I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
The financial crisis in tiny Cyprus stoked financial tensions enough to bring mortgage rates back down this week. The benchmark 30-year fixed mortgage rate settled at 3.78 percent and the 15-year fixed mortgage rate dipped back below the 3 percent mark to 2.97 percent.
Adjustable mortgage rates were broadly lower also. The 3-year and 5-year adjustables moved to the lowest level since January, falling to 2.97 percent and 2.71 percent, respectively. The longer-term 7-year and 10-year adjustables were down, but more modestly to 2.92 percent on the 7-year and 3.27 percent on the 10-year.
This week's move in mortgage rates unwound much of the increase seen last week following better news on the job market and the overall U.S. economy. But any time there is nervousness or tension, it tends to be good news for mortgage rates. Conversely, better news on the economic front often means higher mortgage rates.
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.