I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates were down for a fifth consecutive week, and in the process, set the third new record in a row. The average 30-year fixed mortgage rate dipped to 4.02 percent, while the 15-year fixed mortgage rate pulled back to 3.2 percent. On larger jumbo mortgages, the average jumbo 30-year fixed mortgage rate retreated to 4.54 percent. All are record lows.
But the new records weren't limited to fixed rate mortgages, as adjustable mortgage rates were lower too. The 3-year adjustable tied a record low of 3.06 percent, while the 5-year, 7-year, and 10-year adjustables all set new records. The average 5-year ARM fell below the 3 percent mark for the first time ever, down to 2.99 percent.
An uninspiring jobs report, combined with heightened anxiety about Europe's debt woes is fueling demand for high-quality U.S. government debt. Mortgage rates have been direct beneficiaries of this as they are closely related to yields on long-term government bonds. As long as nervousness persists, you can expect mortgage rates to remain in this now familiar record low territory.
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.