mortgage

Mortgage rates for July 10, 2014

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

Following a stronger-than-expected jobs report, mortgage rates moved a touch higher this week. The benchmark 30-year fixed mortgage rate rose to 4.31 percent, while the larger jumbo 30-year rate is 4.33 percent. The 15-year fixed rate popular for refinancing inched higher to 3.41 percent.

There were mixed results on adjustable-rate mortgages, with the popular five-year and seven-year ARMs holding steady at 3.33 percent and 3.54 percent, respectively. Meanwhile, the three-year ARM moved upward to 3.22 percent and the 10-year ARM climbed to 3.88 percent.

So why did a blockbuster jobs report have such a muted impact on mortgage rates? In large part, the flood of cheap money around the globe is helping to keep a lid on rates, even in the face of the type of economic news that historically has pushed rates higher in a more pronounced way.

Regardless of where rates are or which direction they may be moving, it is always important to shop around for the best mortgage terms. 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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