I'm Doug Whiteman with your weekly look at mortgage rates. Mortgage rates inched down this week as investors remained concerned about the debt crisis in Europe.
The 30-year fixed-rate mortgage fell 3 basis points to 3.75 percent. The 15-year fixed-rate mortgage held its ground at 2.97 percent, the same as last week. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 3 basis points to 4.1 percent.
The 5/1 adjustable-rate mortgage stayed put at 2.71 percent. With a 5/1 ARM, the rate is fixed for five years and is adjusted annually thereafter.
The ongoing financial crisis in Cyprus has kept investors nervous about a potential ripple effect that would cause an economic slowdown throughout the eurozone. Jittery investors looking for a safe haven have been putting money into government bonds.
For those looking to buy a home, investor pain is your gain since mortgage rates are closely related to yields on government bonds. To find the best mortgage rate in your area, use the free search engine at Bankrate.com. I'm Doug Whiteman.