I'm Greg McBride, chief analyst with Bankrate.com, and here is your weekly look at mortgage rates.
Mortgage rates are at the lowest level since Halloween. Further, mortgage rates have fallen for four consecutive weeks and six of the past seven. The benchmark 30-year fixed mortgage rate is now 4.29 percent and the larger jumbo 30-year rate is close behind at 4.31 percent.
The movement is not confined to fixed-rate mortgages, as adjustable-rate loans have also been on the downswing. The average five-year ARM rate is at an 11-month low of 3.21 percent, as is the seven-year ARM at 3.45 percent.
At the close of 2013, the average 30-year fixed mortgage rate was at 4.69 percent. With the rate having fallen to 4.29 percent since, this results in savings of nearly $50 per month for a hesitant borrower that has been looking at a $200,000 loan.
Regardless of where rates are, or which direction they may be moving, it is always important to shop 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.