mortgage

Mortgage rates for July 3, 2013

 

I'm Doug Whiteman with your weekly look at mortgage rates.

Mortgage rates eased a bit this week after a recent spike pushed them to their highest levels in nearly two years.

The 30-year fixed-rate mortgage fell 13 basis points to 4.48 percent. The 15-year fixed-rate mortgage fell 11 points, coming in at 3.62 percent. The average rate for 30-year jumbo mortgages fell to 4.66 percent, a loss of 9 basis points.

The 5/1 adjustable-rate mortgage rose 3 basis point to 3.48 percent. After last week's meteoric rate rise of about half a percentage point -- nearly 50 basis points -- many would-be homeowners are kicking themselves for not locking in lower rates when they had the chance. And, if this Friday’s jobs report is positive, we could see another jump in mortgage rates. Make sure your loan originator has all the necessary documentation for a rate lock, or you may be looking at a 10-20 basis-point difference from one week to the next.

And of course to shop around for the best mortgage deal in your area, you can use the free search engine at Bankrate.com. I'm Doug Whiteman.

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