Mortgage rates for July 19, 2012


I'm Greg McBride with and here is your weekly look at mortgage rates.

Fixed mortgage rates ticked lower, setting another new record. The benchmark 30-year fixed rate mortgage is 3.78 percent, the 15-year fixed is 3.04 percent, and the larger jumbo 30-year fixed is 4.43 percent. Each moved lower by the slimmest of margins, but it was enough to set another new record low.

Most adjustable rate mortgages were noticeably lower this week. The 5-year, 7-year, and 10-year adjustable mortgages all set new record lows. The 5-year ARM is 2.89 percent, the 7-year is 3.05 percent, and the 10-year is 3.37 percent. The 3-year ARM tied a record low, falling to 3.05 percent. The exception was the little-used 1-year ARM, which reversed much of last week's move, rising to 3.09 percent.

Weak retail sales were the latest indicator of a flagging economy. While Fed Chairman Ben Bernanke gave no indication of further stimulus in his semiannual Congressional testimony, the summer economic swoon gave bond investors all the excuse they needed to continue piling into government and mortgage-backed bonds.

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

I'm Greg McBride.



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