Mortgage rates are playing an intense game of limbo - as they go lower this week. The 30-year fixed-rate mortgage fell to a new record low of 3.92%. While the 15-year fixed-rate - common for refinancing - rose 1 basis point to 3.16 percent.
The average rate for 30-year jumbo mortgages fell 4 basis points to 4.46 percent.
Lower mortgage rates have certainly helped motivate homeowners into refinancing their existing mortgages. According to The Mortgage Bankers Association, mortgage applications increased 1.3 percent last week.
A lousy jobs report for May coupled with downward revisions to April's already anemic job growth only added to the nervousness surrounding the European debt crisis. Economic concerns, both in the US and around the world, have fueled a stampede into safe haven US government bonds, with mortgage rates being the beneficiaries.
If these record low rates have you ready to purchase a home or refinance the one you already own - you're first stop should be to Bankrate.com's free search engine to find the lowest mortgage rates in your area. I'm Kristin Arnold.