I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates moved slightly this week, posting mixed results. The average 30-year fixed mortgage rate ticked higher to 4.25 percent, while the 15-year fixed mortgage rate moved lower to 3.42 percent. On larger jumbo mortgages, the average 30-year rate held steady at 4.77 percent.
Adjustable mortgage rates were also mixed, with the 5-year ARM inching higher to 3.15 percent while the 10-year rate slipped to 3.66 percent.
The movement in mortgage rates has tempered in the past two weeks, following a run-up from the February lows. The better tone of economic data and the decreased likelihood of any additional stimulus from the Federal Reserve are now baked into the current level of rates. Going forward, it will take either faster job growth indicative of further strengthening in the economy, or a disappointment in corporate earnings and consumer spending that renews worries about the economy to drive rates decidedly in one direction or another.
Even when mortgage rates are holding steady, it is important to shop around for the best mortgage rate. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.
I'm Greg McBride.