Mortgage rates continued their downward march this week, setting new record lows. I'm Lucas Wysocki with your weekly rates. The average 30-year fixed rate mortgage dived to three point seven-five percent this week; the 15-year fixed rate fell to just three percent and the 30-year jumbo is at four point three-eight percent. All record lows.
Adjustable rates are in the same boat. The 1-year ARM fell to three point zero-three percent and the 5 year arm matched last week's result of two point eight-nine.
Between worries about the European debt crisis, the looming fiscal cliff in the U.S. and slowing economies around the globe, investors continue to flock to the perceived safety of U.S. government bonds. The yield on the benchmark ten-year Treasury note has moved to record low levels, an ongoing catalyst for lower mortgage rates.
It's a perfect storm for would-be home owners and those looking for a low-rate refi but don't settle for average. By shopping around for the best rate, you stand to save hundreds or thousands over the course of your loan. You can do that right here at Bankrate.com. I'm Lucas Wysocki.