mortgage

Mortgage rates for May 8, 2014

Mortgage rates dropped for the second week in a row as global investors seemed to grow more confident that the United States is the safest place to park their money.

The benchmark 30-year fixed-rate mortgage fell to 4.37 percent from 4.44 percent last week. The benchmark 15-year fixed-rate mortgage fell 6 basis points to 3.45 percent. The benchmark 5/1 adjustable-rate mortgage ticked lower to 3.34 percent. And the benchmark 30-year fixed-rate jumbo fell to 4.39 percent from 4.45 percent.

In spite of good economic news which came in the form of a better than expected jobs report on Friday, rates tumbled this week.

Globally, investors still view the United States as a safe haven, despite the country's mix of good and bad economic news. This view has kept up worldwide demand for U.S. Treasury bonds, which have a direct effect on mortgage rates.

If you're looking at buying a home, there's still plenty of time. The Fed is committed to keeping rates low and experts say that rates may rise, but not meteorically throughout the duration of 2014.

Even when rates are heading lower, there's no need to settle for average. Use the free search engine on Bankrate.com to find the absolute lowest rates in your area. I'm Allison Ross.

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