mortgage

Mortgage rates for July 24, 2014

Mortgage rates were mixed this week as the tragic downing of a passenger jet over Ukraine sparked investors to seek haven in the 10-year Treasury note. I'm Doug Whiteman with you weekly look at mortgage rates.

The 30-year fixed-rate mortgage fell to 4.28 percent from 4.3 percent last week. The 15-year fixed-rate mortgage edged 1 basis point higher, to 3.41 percent.

The 30-year jumbo dropped to 4.34 percent, down 3 basis points. And the 5/1 adjustable-rate mortgage rose to 3.37 percent from 3.33 percent last week. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

Escalating unrest in Ukraine may have held down long-term mortgage rates, which tend to track the yield on the 10-year Treasury. The day before the crash of Malaysia Airlines flight MH17, the yield ended at 2.54 percent. It fell to 2.48 percent the day of the crash as investors sought safety. The yield has yet to bounce back.

International instability isn't all that's been having an effect on mortgage rates. The Fed has reiterated that it will wait a "considerable time" after its current bond-buying program ends before raising the federal funds rate, a key benchmark rate for business and consumer loans, including mortgages.

Continued low interest rates mean it's a great time to shop for a home loan or a refinance. You can find the very best rates using the free search engine, right here at Bankrate.com. I'm Doug Whiteman.

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