I'm Doug Whiteman with your weekly look at mortgage rates. Mortgage rates inched down this week, after rising for six consecutive weeks, as investors kept their eyes on the Federal Reserve.
The 30-year fixed-rate mortgage fell 2 basis points to 4.12 percent. The 15-year fixed-rate mortgage fell 2 basis points to 3.3 percent. The average rate for 30-year jumbo mortgages fell 3 basis points to 4.29 percent.
The 5/1 ARM fell 1 basis point to 2.99 percent.
In Wednesday's press conference, the Fed pledged to continue its policy of buying $85 billion of Treasuries and mortgage-backed bonds each month. Rates have been rising in recent weeks as investors anticipated a tapering of that program, but with no such move imminent, might we expect a ceiling to be put over mortgage rates, at least for the time being? Time will tell.
To find the best mortgage rates in your area, use the free search engine at Bankrate.com. I'm Doug Whiteman.