I'm Greg McBride with Bankrate.com, and here is your weekly look at mortgage rates.
Mortgage rates fell to a three-month low following last week's disappointing jobs report, with the benchmark 30-year fixed mortgage rate retreating to 3.64 percent. The average 15-year fixed mortgage rate now sits at 2.89 percent, while the larger jumbo 30-year fixed rate is at the lowest point of the year, 4.03 percent.
Adjustable mortgage rates were lower across the board, albeit more modestly. The 5-year and 7-year adjustables are the lowest in the past month, at 2.7 percent and 2.9 percent, respectively.
Mortgage rates have now fallen for four straight weeks. The pullback started with the banking crisis in Cyprus, continued with a run of uninspiring U.S. economic data, and picked up speed with the weak jobs report. But as the sting of the lousy jobs report slowly wears off, we'll likely see mortgage rates crawling back over the coming week.
Regardless of whether mortgage rates are moving up or down, 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.