I’m Greg McBride with Bankrate.com and here is your weekly look at mortgage rates.
Mortgage rates moved lower once again, with the average rate on the benchmark 30-year fixed mortgage establishing another new record low, falling to 3.87 percent. The average 15-year fixed mortgage rate retreated to 3.13 percent, while the larger jumbo 30-year fixed rate ticked lower to 4.47 percent. Both of those are also record lows.
Adjustable mortgage rates were more mixed. Although the popular 5-year adjustable rate pulled back below the 3 percent threshold to a new low of 2.96 percent, the average 3-year adjustable nosed higher to 3.07 percent and the average 7-year adjustable held at 3.12 percent.
Why do mortgage rates continue to drift lower? While Europe has staved off any immediate meltdown – at least temporarily – concerns about the U.S. economy continue to mount as hiring is slow and the manufacturing sector has shown some surprise weakness. The prevailing nervousness in financial markets, surrounding both Europe and the global economic landscape, are keeping mortgage rates at these ultra-low levels.
It is important to shop around for the best mortgage deal. To find the lowest mortgage rates in your area, use the free search engine at Bankrate.com.
I’m Greg McBride.