I'm Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Fixed mortgage rates held steady this week as investors around the globe continue to monitor both the European debt crisis and the health of the global economy. The benchmark 30-year fixed mortgage rate was unchanged at the record low of 3.89 percent, while the average 15-year fixed mortgage rate held at 3.16 percent. On larger jumbo mortgages, the 30-year fixed mortgage rate sits at 4.48 percent for a third straight week.
Meanwhile, adjustable mortgage rates were mostly higher, albeit in modest fashion. The 5-year adjustable moved back above the 3 percent threshold to 3.02 percent, while the 7-year ARM notched higher to 3.12 percent.
The lingering uncertainty about Europe's debt mess and, to a lesser extent, the status of the global economy will keep mortgage rates in a holding pattern. Don't expect any sharp increases without substantive improvement out of Europe, and if the situation deteriorates further, then look out below because mortgage rates could certainly fall further.
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.