mortgage

Mortgage rates for June 21, 2012

 

I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.

Mortgage rates fell further, setting a 4th new record in a row. The benchmark 30-year fixed rate mortgage retreated to 3.89 percent while the 15-year fixed rate mortgage ticked lower to 3.16 percent, reversing last week's move.

Adjustable rate mortgages were lower too, with a multitude of products setting new record lows. The 3-year, 5-year, 7-year, and 10-year ARMs all moved into record low territory. The average rate on the popular 5-year ARM pulled back below the 3 percent mark to a new low of 2.97 percent.

The Federal Reserve is hoping to keep this streak of record low mortgage rates alive. By extending Operation Twist through year-end, the Fed aims to preserve this environment of ultra-low mortgage rates that is facilitating refinancing and putting money into people's pockets that they're not getting through their paychecks.

Always, always shop around for the best mortgage deal, whether you're buying a home or refinancing the one you already own. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.

I'm Greg McBride.

 

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