I'm Greg McBride, chief analyst with Bankrate.com, and here is your weekly look at mortgage rates.
Both fixed and adjustable mortgage rates were on the rise this week, but remain within the familiar range of recent weeks. The benchmark 30-year fixed mortgage rate increased to 4.48 percent, unwinding last week's decline, but still lower than where rates were at the beginning of the month. The average rate on the jumbo 30-year fixed-rate mortgage, which has been shadowing the conforming 30-year fixed, is now 4.47 percent.
The popular five-year adjustable-rate mortgage is at 3.34 percent, returning to the spot it occupied two weeks ago. The 10-year ARM -- which is fixed for 10 years before becoming adjustable on an annual basis thereafter -- is 3.89 percent, representing good value versus a fixed-rate mortgage for someone not planning to occupy the home for more than a decade.
The economy has started to shake off the brutal winter that held back the pace of recovery, but Fed Chair Janet Yellen's comments about inflation remaining too low are helping to keep a lid on bond yields and mortgage rates. Mortgage rates are closely related to yields on long-term government bonds.
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.