mortgage

Mortgage rates for April 3, 2014

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

Fixed mortgage rates were slightly higher for a second week in a row, with the benchmark 30-year fixed mortgage rate rising to 4.54 percent and the 15-year fixed rising to 3.58 percent, both the highest since mid-January. However, this is more a testament to how tame rates have been, with the average staying within a one-tenth percentage point band over that time.

Adjustable mortgage rates were slightly lower. The three-year, five-year, seven-year and 10-year ARMs were all lower, in each case unwinding a portion of last week's increase. The five-year ARM is now 3.34 percent, and the seven-year ARM is at 3.61 percent.

Mortgage rates have been in a slight uptrend as economic and geopolitical jitters have been waning. Whether the upcoming jobs report keeps this trend intact or surfaces renewed economic concerns will determine the next move for mortgage rates.

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 Greg McBride.

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