mortgage

Mortgage rates for May 3, 2012

 

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

Mortgage rates tumbled to another record low, falling for the 4th consecutive week and for the 5th time in the past 6 weeks. The benchmark 30-year fixed mortgage rate dropped to 4.05 percent, down nearly one-quarter percentage point since March.

The 15-year fixed mortgage rate that is popular for refinancing retreated to 3.25 percent, also a record low. On larger jumbo mortgages, the average 30-year rate nosed higher to 4.62 percent.

Adjustable rate mortgages were mixed, with the 3-year ARM inching higher to 3.07 percent while the 5-year, 7-year and 10-year ARMs each tied or set new record lows. The 5-year ARM is now 3.02 percent, tying a record low set on February 1st while the 10-year ARM is at a low water mark of 3.5 percent.

News of disappointing economic growth in the first quarter and continuing elevated unemployment claim filings propelled mortgage rates lower. The looming jobs report is likely to be the catalyst for further rate movement but the tepid theme of recent economic data is sure to keep a lid on mortgage rates in the coming weeks.

Shopping around for the best mortgage rate is important whether you're buying a home or refinancing the one you already own. 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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