I'm Greg McBride with Bankrate.com, and here is your weekly look at mortgage rates.
Fixed mortgage rates slumped for the fifth consecutive week, with the benchmark 30-year fixed mortgage rate retreating to a three-month low of 3.61 percent. The larger jumbo 30-year fixed rate dipped back below the 4 percent mark to 3.98 percent, a point last seen in mid-December.
Adjustable-rate mortgages were mixed. The three-year adjustable jumped to 3.12 percent, but the popular five-year ARM slid to a new low of 2.66 percent.
Soft economic data both here and abroad, coupled with renewed stock market volatility, was enough to bring mortgage rates lower once again. The upbeat economic data in the first quarter have given way to more tepid readings of late, raising the possibility of yet another spring slowdown. Concerns about just such a slowdown will likely keep mortgage rates in check.
No matter which way mortgage rates are moving, 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.