I'm Kristin Arnold with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates didn't move much but it was enough to establish new records in a few instances. The average rate on the benchmark 30-year fixed rate mortgage ticked lower to 4.09 percent and the average 15-year fixed mortgage rate pulled back to 3.28 percent. Both are record lows.
On larger jumbo mortgages, the average 30-year fixed rate held at 4.61 percent.
Adjustable rate mortgages were mixed. The average 3-year adjustable was down for a third straight week, sinking to a new low of 3.06 percent. The popular 5-year ARM retreated to 3.03 percent, while the 7-year and 10-year both inched higher, to 3.20 percent and 3.53 percent, respectively.
Although corporate earnings have been strong, recent economic data has been more suspect and the European debt crisis is an ongoing saga. Together, these are keeping both bond yields and mortgage rates at historic lows. Mortgage rates are closely related to yields on long-term government bonds.
Whether you're buying a home or refinancing the one you already own, 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 Kristin Arnold.