I'm Greg McBride with Bankrate.com, and here is your weekly look at mortgage rates.
Mortgage rates increased for a third consecutive week, rising to the highest point since late March. The benchmark 30-year fixed-rate mortgage increased to 3.74 percent. The average rate on a 15-year fixed mortgage -- a popular choice for refinancing -- climbed to 2.97 percent, while the larger jumbo 30-year fixed mortgage held steady at 3.99 percent.
Adjustable mortgage rates were mixed, with the one-year adjustable sliding to 2.95 percent, the popular five-year ARM notching higher to 2.7 percent and the seven-year ARM remaining at 2.87 percent.
Federal Reserve Chairman Ben Bernanke indicated that, for now, the Fed's bond-buying activities will continue. The Fed has been buying $85 billion in long-term bonds each month in an effort to keep a lid on mortgage rates, among other things. And while the job market has shown improvement, the Fed wants to make sure the improvement is sustained, opting to maintain the stimulus rather than pulling the plug too soon.
Whether mortgage rates are moving up or down, always 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.