mortgage

Mortgage rates for May 1, 2014

I'm Doug Whiteman with Bankrate.com and here is your weekly look at mortgage rates.

Mortgage rates stepped back this week, with the benchmark 30-year fixed rate retreating to 4.44 percent and the larger jumbo 30-year ticking down to 4.45 percent. The 15-year fixed mortgage popular for refinancing slumped to 3.51 percent.

Adjustable mortgage rates were mixed, with the three-year ARM sliding to 3.25 percent and the five-year nosing higher to 3.35 percent.

With the Federal Reserve avoiding any market-unsettling surprises, the focus now turns to the monthly jobs report. The employment report is the next likely catalyst for movement in 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 Doug Whiteman.

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