mortgage

Mortgage rates for July 17, 2014

Mortgage rates paused this week as investors mulled over mixed economic news. I'm Allison Ross with your weekly look at mortgage rates.

The benchmark 30-year fixed-rate mortgage slipped slightly to 4.3 percent from 4.31 percent last week, according to the Bankrate.com national survey of large lenders. The 15-year fixed-rate mortgage also lost 1 basis point, coming in at 3.4 percent.
The benchmark 30-year fixed-rate jumbo rose to 4.37 percent from 4.33 percent.
And the benchmark 5/1 adjustable-rate mortgage was 3.33 percent, unchanged from last week.

The mixed signals investors have been getting from recent economic data have certainly contributed to this pause in rates.

For example, the latest employment report shows the economy added more jobs than expected in June.  But a report on retail sales that was released this week showed consumers are still cautious about spending.

Fed Chair Janet Yellen's testimony on Tuesday was one of several recent signals that the central bank isn't about to announce a rate hike anytime soon.

That's good news for borrowers who have not refinanced yet, or those who need more time to find a house to buy. But don't expect it to last forever. To shop for the very best rates in your area, use the free search engine at bankrate.com. I'm Allison Ross.

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