mortgage

Mortgage rates for March 22, 2012

 

 

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

More good news on the U.S. economy and a decreasing likelihood of further Fed bond-buying stimulus had bond investors headed for the exits over the past week, pushing mortgage rates to the highest point since last October.

The average rate on the benchmark 30-year fixed mortgage rate is now at a 5-month high of 4.29 percent. The average 15-year fixed mortgage popular for refinancing was up less dramatically, to 3.48 percent, but that's still the highest since early December. On larger jumbo mortgages, the average 30-year fixed rate is now 4.85 percent.

Mortgage rates are still at extremely attractive levels, not only for homebuyers but for the legions of homeowners now eligible to refinance through the revised Home Affordable Refinancing Program known as HARP 2.0. But an improving economy was bound to bring rates up from the record-low levels we've enjoyed in recent months.

Getting the best mortgage 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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