mortgage

Mortgage rates for March 29, 2012

 

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

Mortgage rates dropped back after spiking higher last week. Renewed concerns about the effect of higher gasoline prices on the U.S. economy as well as slower growth in China contributed to this week's rate retreat. Mortgage rates are closely related to yields on long-term government bonds, so any condition that increases demand for bonds - such as worries about the economy - also help bring about lower mortgage rates.

Now, to the numbers. The average 30-year fixed mortgage rate dropped from 4.29 percent to 4.23 percent. The average 15-year fixed mortgage rate was down modestly, to 3.44 percent, and the larger jumbo 30-year rate slid to 4.77 percent.

Adjustable rate mortgages moved lower also. The average 5-year ARM, which offers a fixed rate for 5 years before becoming adjustable each year thereafter, reversed last week's move and fell to 3.14 percent.

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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