mortgage

Mortgage rates for May 9, 2013

 

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

After declining for seven straight weeks, mortgage rates moved higher following better-than-expected news about jobs -- not just in April, but in each of the two prior months as well. Since so much of the economy's health is gauged by job growth -- and rightfully so -- sentiment was swayed by this month's report. Not only did it come on the heels of a lousy March jobs report and some other soft economic data in recent weeks, but the number of new jobs was revised upward for each of the two previous months.

The benchmark 30-year fixed mortgage rate, which had been flirting with a record low, increased to 3.6 percent, while the larger jumbo 30-year fixed-rate mortgage settled at the 4 percent mark.

Adjustable mortgage rates were mostly higher, with the five-year nosing higher to 2.64 percent and the 10-year climbing to 3.2 percent.

But just to keep things in perspective on how low mortgage rates really are, all we've done is erase about two weeks' worth of declines.

No matter which way mortgage rates are moving, be sure you're shopping 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 Greg McBride.

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