I'm Greg McBride, chief analyst with Bankrate.com, and here is your weekly look at mortgage rates.
Despite a respectable jobs report, stock market volatility brought mortgage rates lower for the first time in three weeks. The benchmark 30-year fixed mortgage rate retreated to 4.47 percent, erasing the increases seen over the past two weeks. The 15-year fixed mortgage rate fell to 3.52 percent and the jumbo 30-year fixed rate is now 4.48 percent.
Adjustable mortgage rates posted mixed results, with the three-year ARM rising to 3.33 percent; the five-year holding at 3.34 percent; and the seven-year and 10-year falling to 3.58 percent and 3.9 percent, respectively.
Any time there is stock market volatility and investors get nervous, that tends to be good news for mortgage rates. As investors gravitate to bonds of various types, including those backed by mortgages, it helps bring the rates that are quoted to mortgage borrowers lower.
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.