mortgage

Mortgage rates for May 2, 2013

 

I'm Greg McBride with Bankrate.com, and here is your weekly look at mortgage rates.

Mortgage rates declined across the board this week, with both fixed and adjustable rates falling to levels that are at, or near, record lows. The benchmark 30-year fixed-rate mortgage was down for a seventh consecutive week to 3.52 percent. Rates have been lower than this only once, back in early December.

The 15-year fixed mortgage rate set a new record low of 2.75 percent, and the same was true for the larger jumbo 30-year fixed rate, which fell to 3.93 percent.

On adjustable products, the popular five-year ARM hit a new low of 2.63 percent.

With the Federal Reserve maintaining its current pace of stimulus and even hinting that they could increase it should inflation move too low or economic growth stall out, there is every reason to believe mortgage rates will remain at these ultra-low levels for some time.

Be sure you're shopping around for the best mortgage terms, no matter which way mortgage rates are moving. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I'm Greg McBride.

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