I'm Greg McBride with Bankrate.com, and here is your weekly look at mortgage rates.
After a couple of economic reports that were lukewarm, we might say, fixed mortgage rates retreated. Following the circus in Cyprus, this is now the third consecutive week that fixed mortgage rates have declined. The benchmark 30-year fixed-rate mortgage pulled back to the lowest level in a month, 3.73 percent. The same is true on the larger jumbo 30-year fixed rate, which now sits at 4.07 percent. The average 15-year fixed mortgage rate is actually the lowest since late January, at 2.95 percent.
Adjustable mortgage rates were mixed, with the three-year and five-year adjustables inching higher to 2.98 percent and 2.72 percent, respectively. The 10-year adjustable rate dipped lower to 3.26 percent, the lowest since late February.
Jobs are the next likely catalyst for mortgage rates, as the monthly jobs report supplants all other economic data in taking the temperature of the economy.
Whether rates are volatile or not, 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.