mortgage

Mortgage rates for June 19, 2014

Mortgage rates held steady this week as investors kept their eyes on the Fed. I'm Doug Whiteman with your weekly look at mortgage rates.

The benchmark 30-year fixed-rate mortgage lost 1 basis point, falling to 4.33 percent, according to the Bankrate.com national survey of large lenders.

The 15-year fixed-rate mortgage rose to 3.44 percent from 3.43 percent last week. The 30-year fixed-rate jumbo fell three basis points to 4.38 percent.

On adjustable rate mortgages, the 5/1 ARM held steady at 3.37 percent.

The mortgage market has been quiet in the past few days, and the Fed seems determined to keep it that way.

Federal Reserve policymakers wrapped up their two-day meeting on Wednesday. As expected, the Fed once again trimmed its bond-buying program by another $10 billion. Starting in July, the Fed will spend $35 billion per month in the purchase of mortgage and Treasury bonds, instead of $45 billion.

Mortgage rates have not taken much of a hit as the Fed gradually reduces the pace of those purchases. The biggest impact happened last year, when rates jumped about a percentage point after the Fed announced it planned to taper the program.

All signs indicate rates are likely to remain stable for now, but borrowers shouldn't take a chance. If you have a compelling mortgage rate on the table, lock it in as soon as you can. You can always shop around for the best mortgage rates using the free search engine on Bankrate.com. I'm Doug Whiteman.

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